Tata Motors Q3 profit plunges; stock tanks
, ET Bureau|
Updated: Feb 14, 2017, 04.47 PM IST
Mumbai: Tata Motors, India's biggest auto maker by revenue, Tuesday said its quarterly consolidated net profit plunged by 97% on lower wholesale volumes and higher expenses.
The company posted a net profit of Rs 112 crore in Oct-Dec, compared to Rs 2,953 crore in the corresponding quarter a year earlier.
Revenue dropped 4% to Rs 68,541 crore from Rs 71,617 crore.
Standalone net loss widened to Rs 1052.13 crore from Rs 108 crore a year earlier.
The earnings were announced minutes before market closure. The stock instantly tanked more than 7%, before paring some of its losses and closing 3.68% at Rs 487.
The company posted a net profit of Rs 112 crore in Oct-Dec, compared to Rs 2,953 crore in the corresponding quarter a year earlier.
Revenue dropped 4% to Rs 68,541 crore from Rs 71,617 crore.
Standalone net loss widened to Rs 1052.13 crore from Rs 108 crore a year earlier.
The earnings were announced minutes before market closure. The stock instantly tanked more than 7%, before paring some of its losses and closing 3.68% at Rs 487.