Tata Motors share price: Shares of automobile manufacturer Tata Motors tanked 6% on Wednesday after the company reported its second-biggest quarterly loss since December 2008. Tata Motors on Tuesday reported a consolidated loss of Rs 1,863 crore for the first quarter ended June 30. Shares of the auto maker fell 6.11% to a low of Rs 248 on the BSE in early trade on Wednesday. On the National Stock Exchange, Tata Motors shares dived 5.34% to Rs 250 per share, the lowest level since July 18. Also read:\u00a0Share Market Live! Sensex crosses 37,700 for first time in stock market history On Tuesday, Tata Motors in its quarterly results declared a consolidated loss of Rs 1,863 crore for the April-June period with a big chunk of the loss emanating from a foreign exchange loss of Rs 1,007 crore during the quarter under review. Jaguar and Land Rover (JLR), the overseas subsidiary of Tata Motors, turned in much poorer numbers than anticipated and posted a loss of \u00a3210 million on the back of a 7% year-on-year fall in volumes and a contraction in Ebita (earnings before interest and tax) margins of nearly 500 basis points. "Tata Motors' 1QFY19 numbers were below estimates owing to disappointing operating margin of JLR and forex losses. Consolidated revenue (Rs.670 billion, 14% YoY) was in line estimates, however, EBITDA margin at 7.5% was impacted by 170 bps YoY drop in margin of JLR. The company reported consolidated net loss at Rs 18.62 bn owing to loss at JLR," said Abhishek Jain, Auto Analyst at HDFC Securities. "Reduction in import duties on PV in China from 1st July continued to result in deferred purchases which expected to reverse from 2QFY19. Standalone business turned profitable on the back of 59% growth witnessed in CVs and PVs. EBITDA margin stood at 8.3%," he added. What brokerages say Elara Capital has recommended to buy Tata Motors shares with a new target price of Rs 346 owing to impressive standalone performance especially in the passenger vehicle business. "We expect wholesales to bounce back especially in 2HFY19 and expect FY19E volume growth at +5.5% led by new launch ramp-up (RR and RR Sport order backlog of 2 months) and China recovery. This should boost margins at JLR from current troughs," Elara Capital said in a report. "Standalone performance has been impressive especially the PV business. We reduce our JLR\/ CJLR EBITDA by 2-5%\/ 8%, while increase our standalone EBITDA by 3% over FY19-20E. We recommend Buy on Tata Motors (from Accumulate earlier) with a SoTP TP of INR 346 (from INR 362 earlier)," it said. Motilal Oswal Securities has maintained a "buy" of the stock with a revised target price of Rs 360. "We lower our FY19\/20 consol. EPS by 25%\/15% to factor\u00a0in (a) weaker volumes in JLR, (b) China JV step-down in margins and (c) increase in FX loss on hedge book. The stock trades at 8.8x FY19\u00a0Buy with a revised TP of ~INR360 (SOTP)," Motilal Oswal said in a report. Jefferies has cut price target to Rs 355 from Rs 440, maintaining a "buy" rating and said while this may seem like a one-off (hurt by China import duty cut), such disappointments have been a recurring issue for JLR in a weak environment, according to a Reuters report. Credit Suisse has maintained "outperform" rating and cut PT to Rs 440 rupees from Rs 460, the Reuters report said.