Tata Motors shares tank over 8%; mcap declines by Rs 29,016 cr

New Delhi: Shares of Tata Motors on Monday tanked more than 8 per cent after the company's March quarter earnings failed to cheer investors.

The stock plummeted 8.32 per cent to settle at Rs 959.80 apiece on the BSE. During the day, it plunged 9.44 per cent to Rs 948.

On the NSE, it tanked 8.33 per cent to Rs 959.40 per piece.

The company's market capitalisation (mcap) was wiped out by Rs 29,016.23 crore to Rs 3,19,012.47 crore.

It emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.

The 30-share BSE Sensex settled 111.66 points up at 72,776.13. The NSE Nifty climbed 48.85 points to 22,104.05.

Tata Motors on Friday reported an over three-fold jump in consolidated net profit at Rs 17,528.59 crore in the fourth quarter ended March 2024, riding with all its three auto businesses delivering a strong performance, especially the British arm Jaguar Land Rover.

The company had posted a consolidated net profit of Rs 5,496.04 crore in the same quarter of the previous fiscal, Tata Motors said in a regulatory filing.

Total consolidated revenue from operations stood at Rs 1,19,986.31 crore compared to Rs 1,05,932.35 crore in the year-ago period.

In Q4 FY24, Tata Motors said all three auto businesses delivered strong performance.