The stock of Tata Motors plummeted nearly 10% on Tuesday after the auto major’s second quarterly profit fell short of Street expectations.
The Tata Motors stock eroded Rs15,057.51 crore from its market valuation. It slumped 9.88% to end at R457.25 on BSE. During the day, it tanked 10.99% to R451.60.
At NSE, shares of the company plunged 9.83% to settle at R457.40.
The stock was the worst performer among the Sensex and Nifty components. Following the sharp decline in the stock, the company’s market valuation fell by R15,057.51 crore to R1,31,438.49 crore. The BSE Auto index ended the session at 19520.27 down 5.07% and the Sensex closed at 26,304.63 down 1.92%. Barring Bharat Forge whose stock was up around 4%, shares of all the firms in the auto index ended the session in red. Shares of other auto firms like Mahindra and Mahindra, Maruti Suzuki, Bajaj Auto and Eicher Motors were between 1% and 9%.
Tata Motors ended the quarter with revenues of R67,000 crore, up around 7% y-o-y and earnings before interest, taxes, depreciation and amortisation at R6,281.57, down 3.6% y-o-y. (With PTI inputs)