Tata Motors shares drop over 9% after Q4 earnings fail to impress investors

Shares of Tata Motors on Monday tanked more than 9 per cent after the company’s March quarter earnings failed to cheer investors.

 The stock plunged 9.44 per cent to ₹948 a share on the BSE.

 On the NSE, it tanked 9.50 per cent to ₹947.20 apiece.

 The company’s market capitalisation (mcap) was wiped out by ₹29,946.88 crore to ₹3,17,998.73 crore.

 It emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.

 The 30-share BSE Sensex traded 624.43 points lower at 72,040.04, and the NSE Nifty quoted 113.65 points lower at 21,941.55.

 Tata Motors on Friday reported an over three-fold jump in consolidated net profit at ₹17,528.59 crore in the fourth quarter ended March 2024, riding with all its three auto businesses delivering a strong performance, especially the British arm Jaguar Land Rover.

 Tata Motors said in a regulatory filing that the company posted a consolidated net profit of ₹5,496.04 crore in the same quarter of the previous fiscal year.

 Total consolidated revenue from operations stood at ₹1,19,986.31 crore compared to ₹1,05,932.35 crore in the year-ago period.

 In Q4 FY24, Tata Motors said all three auto businesses delivered strong performance. 

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