Tata Motors lost 4.92% to Rs 347.70 at 11:39 IST on BSE amid fears of slower growth in China, the world's second-largest economy.
Meanwhile, the BSE Sensex was down 416.62 points, or 1.64%, to 24,989.71
On BSE, so far 4.45 lakh shares were traded in the counter, compared with an average volume of 6.79 lakh shares in the past one quarter. The stock hit a high of Rs 359.85 and a low of Rs 347.10 so far during the day. The stock hit a record high of Rs 605.57 on 3 February 2015. The stock hit a 52-week low of Rs 279.15 on 29 September 2015. The stock had underperformed the market over the past one month till 6 January 2016, falling 8.55% compared with 0.90% decline in the Sensex. The stock, however, outperformed the market in past one quarter, gaining 9.66% as against Sensex's 5.67% fall.
The large-cap company has an equity capital of Rs 577.44 crore. Face value per share is Rs 2.
Fears of slower growth in China weighed on the Tata Motors stock. As per reports, China accounts for 25% of Tata Motors' British luxury car unit Jaguar Land Rover (JLR)'s revenue and 33% of operating profit.
Economic data this week showed that China's services sector grew at the weakest pace in 17 months in December. Another data showed that activity had slowed in the country's key factory sector. Another concern is of China's weakening currency. China's central bank again surprised markets today, 7 January 2016 by setting onshore yuan's value lower to the US dollar, sending the domestic stock markets tumbling. The People's Bank of China continued to fix the onshore yuan's value lower to the US dollar, at 6.5646, down 0.51% from the previous day's closing level, the biggest move since 13 August 2015, after the yuan's devaluation.
Jaguar Land Rover (JLR) North America on 5 January 2016, said its US sales rose 30% to 9,638 units in December 2015 over December 2014.
Also Read
Tata Motors on 1 January 2016 said that total passenger and commercial vehicles sales declined 4% to 39,973 units in December 2015 over December 2014.
On consolidated basis, Tata Motors reported net loss of Rs 429.76 crore in Q2 September 2015 compared with net profit of Rs 3290.86 crore in Q2 September 2014. Net sales rose 1.1% to Rs 60853.03 crore in Q2 September 2015 over Q2 September 2014.
Tata Motors is a market leader in commercial vehicles in India. The company's British unit Jaguar Land Rover sells premium luxury cars.
Powered by Capital Market - Live News