Tata Motors shares dive nearly 18%; m-cap drops by Rs 9,123 cr on biggest quarterly loss

Shares of Tata Motors Friday plummeted nearly 18 per cent, wiping out Rs 9,123.41 crore from its market valuation, after the company reported its biggest ever quarterly loss of Rs 26,960.8 crore for the third quarter ended December 31. The auto major's stock plunged 17.28 per cent to settle at Rs 151.30 on the BSE. During the day, it slumped 22.41 per cent to Rs 141.90 -- its multi-year low.

At the NSE, shares nose-dived 17.88 per cent to close at Rs 150.15. Intra-day, it cracked 29.45 per cent to Rs 129. Following the sharp fall in shares, the company's market valuation fell sharply by Rs 9,123.41 crore to Rs 43,685.59 crore on the BSE.

The stock was the biggest drag on both the indices during the day. The auto major Thursday reported its biggest ever quarterly net loss of Rs 26,960.8 crore for the third quarter ended December 31, hit by one-time asset impairment in its struggling British arm Jaguar Land Rover.

This is the third consecutive quarterly loss reported by the company, which had registered a net profit of Rs 1,214.6 crore in the October-December quarter of 2017-18. Total revenue from operations, however, rose 4.36 per cent to Rs 77,582.71 crore as compared to Rs 74,337.7 crore in the year-ago period, Tata Motors said in a regulatory filing.

JLR's revenue declined 1 per cent to 6.2 billion pounds.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)