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Shares of Tata Motors fell to over 1-year low on Q1 results. The stock fell as much as 4.8 per cent to lowest in over a year.
First quarter net profit rose 42 per cent helped by a one-off gain related to changes to Jaguar Land Rover's pension plans, masking a fall in the company income.
“... the first quarter results have not met our expectations,” chief executive Guenter Butschek had said in results statement on Wednesday.
Analysts at Morgan Stanley say list of unknowns is rising in business model and high uncertainty will keep multiples suppressed, downgrading the stock to “Equal-weight".
FY18 cut in margin estimates will be higher to account for higher-than-expected hedge losses, Credit Suisse analysts wrote, cutting the price target to Rs 570 from Rs 630.
Analysts at Nomura have also cut the target price on the stock to Rs 514 from Rs 518 , expecting forex losses to run out in FY18.
Tata Motors' US-listed shares hit over a year-low, closing down 6 per cent at $31.5 on Wednesday.
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