Tata Motors share price: Why did automaker giant's stock plunge by 9%?

Tata Motors share price: Tata Motors shares plummet 9%, market cap drops by ₹29,950 crore.

Updated on: May 13, 2024, 13:25:17 IST

By HT News Desk

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Tata Motors share price: Tata Motors witnessed a major decline in its shares, plummeting around 9 per cent, following disappointing March quarter earnings that failed to impress investors.

Tata Motors share prices

The 30-share BSE Sensex was down by 161 points at 72,504, while the NSE Nifty was quoted 35 points lower at 22,022. Tata Motors was worst performer among both BSE Sensex and NSE Nifty firms.

Tata Motors experienced a sharp decline of 8.27 per cent to ₹960 per share on the BSE, while on the NSE, it plummeted by 8.23 per cent to ₹960.5 per share.

The company's market capitalisation suffered a significant blow, plummeting by around ₹29,950 crore to ₹3,17,998 crore.

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Tata Motors Q4 results

• Tata Motors reported over three-fold surge in consolidated net profit at ₹17,528.59 crore in Q4 FY24, propelled by moderate performance across its auto businesses, notably Jaguar Land Rover.

• Consolidated net profit jumped from ₹5,496.04 crore in the same quarter of the previous fiscal to ₹17,528.59 crore, as disclosed by Tata Motors in a regulatory filing.

• Total consolidated revenue from operations rised to ₹1,19,986.31 crore in Q4 FY24, up from ₹1,05,932.35 crore in the corresponding period last year.

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Jaguar shows weak sales outlook

The company anticipates stagnant or marginal decline in sales volumes for its commercial vehicles for the financial year ending March 2025. Meanwhile, Jaguar's order book contracted to 133,000 units as of March 31, down from 148,000 units at the end of December.

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Sensex, Nifty performance

JSW Steel, Tata Steel, NTPC, State Bank of India, Power Grid and Mahindra & Mahindra were the other major laggards.

Sun Pharma was the lone gainer from the pack.

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HT News Desk
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