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Tata Motors fell by up to 5.17 per cent in the morning trade on the bourses today after the auto major posted a marginal 0.55 per cent increase in consolidated net profit for the quarter ended June 30, 2011.
Even after opening the day on a positive note, the stock failed to carry the momentum and slipped by 5.17 per cent to hit a low of Rs 805.10 on the NSE. A similar trend was seen on the BSE, where the stock dropped by 4.71 per cent to an early low of Rs 805.75.
On the volume front, over 19 lakh shares of the company changed hands on the bourses in the morning trade.
Analysts said the company had reported a flat net profit for the first quarter and that is why it is witnessing selling pressure. They added that the market was expecting higher profits, which the company failed to deliver.
Tata Motors had yesterday posted a 0.55 per cent increase in consolidated net profit for the first quarter ended June 30, 2011, to Rs 1,999.82 crore from Rs 1,988.73 crore for the same quarter last fiscal.
Meanwhile, the BSE benchmark Sensex was trading at 17,035.94, down 23.46 points, at 10.45 a.m. today.
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