Shares of Tata Motors plunged 3.68% on Tuesday closing the session at Rs 486.80 on the Bombay Stock Exchange (BSE) after the company reported a poor set of numbers for the three months to December 2016.
The stock lost approximately Rs 7,689-crore worth market cap. The intra-day low for the stock was Rs 468.30 and other auto stocks too fell in sympathy. The BSE Auto ended 1.09 % lower at 21919.81. Tata Motors posted a net loss of Rs 1,045.940 crore for the quarter ended December 2016 compared to net loss of Rs 136.820 crore for the quarter ended December 2015.
Total income has decreased from Rs 11,549.17 crore for the quarter ended December 2015 to Rs 11,315.580 crore for the same period in 2016. With regard to unaudited consolidated results for the quarter ended December 2016,
Tata Motors’ total income has decreased from Rs 71,809.350 crore for the quarter ended December 2015 to Rs 68,708.480 crore for the quarter ended December 2016.
Consolidated profit after tax for the quarter was R112 crore, against the consolidated profit after tax of Rs 2,953 crore for the corresponding quarter last year.
During the quarter, commercial vehicle segments of the company witnessed demand shrinkage due to the demonetisation – M&HCV segment witnessed major pressure with a fall of 9.0% year-on-year (y-o-y) and LCV segment was overall flat.