Shares of Tata Motors tumbled over 8 per cent today as the company has reported 49.82 per cent decline in consolidated net profit for the March quarter.
The stock opened the day on a weak note and further slumped 7.93 per cent to Rs 284.70 -- its 52-week low -- on the BSE. On the NSE, shares of the company cracked 8.19 per cent to hit a one-year low of Rs 284.10. The stock was the top loser on both key indices during morning trade.
Homegrown auto major Tata Motors had yesterday reported 49.82 per cent decline in consolidated net profit at Rs 2,176.16 crore for the March quarter with its British arm JLR continuing to face challenges in the UK and Europe, in addition to one-time impairment charge.
According to a BSE filing, it had posted a consolidated net profit of Rs 4,336.43 crore in the corresponding period of last fiscal. Its consolidated income from operations in the fourth quarter of 2017-18 was Rs 91,279.09 crore against Rs 78,746.61 crore in the year-ago quarter.