Shares of Tata Motors dipped nearly 7 per cent Wednesday a day after the company reported 56.2 per cent decline in net profit for the January-March quarter.
The stock plunged 6.67 per cent to Rs. 463.90 at the BSE. Tata Motors was the biggest loser among 30 Sensex stocks.
On the NSE, it fell by 6.84 per cent to Rs. 463.55.
Tata Motors’ March quarter net profit declined by 56.2 per cent to Rs. 1,716 crore due to massive asset write-downs, 220-million pound forex loss and poor show by its cash-cow British arm.
The company had reported a consolidated net profit of Rs. 3,918.29 crore in the same quarter previous fiscal.
The Tata Group company, which is the country’s largest automaker by revenue, has to incur Rs. 3,857 crore in amortisation and depreciation expenses during the quarter under review against Rs. 3,125 crore a year ago.
The same rose to Rs. 13,387 crore from Rs. 11,078 crore for the full financial year.