Saturday, February 9, 2019

Tata Motors tanks 18% on worst result

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Tata Motors reported a consolidated net loss of Rs 26,960 crore for the third quarter of this fiscal due to asset impairment in its British arm Jaguar Land Rover.

 Total revenue from operations rose 4.36 per cent to Rs 77,583 crore from Rs 74,338 crore in the previous year.

Non-cash write off worth Rs 27,838 crore for JLR, uncertainties due to Brexit and slowing sales in China impacted the company’s performance. JLR accounts for nearly 70 per cent of the company’s revenues.

The company had posted a net profit of Rs 1,215 crore in the corresponding quarter of last fiscal.

The stock tanked 18% and closed at multi year low of  Rs 150 in Friday's trading.

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