Tata Motors was down 1.89% to Rs 373.70 at 10:46 IST on BSE after the company and Skoda ceased discussions around potential partnership.
The announcement was made after market hours yesterday, 10 August 2017.Meanwhile, the S&P BSE Sensex was down 213.98 points or 0.68% at 31,317.35.
On the BSE, 6.57 lakh shares were traded on the counter so far as against the average daily volumes of 18.83 lakh shares in the past one quarter. The stock had hit a high of Rs 379.95 so far during the day. The stock hit a low of Rs 357.95 so far during the day, which is a 52-week low. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016.
The stock had underperformed the market over the past one month till 10 August 2017, sliding 14.74% compared with the Sensex's 0.58% fall. The stock had also underperformed the market over the past one quarter, declining 11.84% as against the Sensex's 4.24% rise. The scrip had also underperformed the market over the past one year, sliding 24.32% as against the Sensex's 13.52% rise.
The large-cap company has equity capital of Rs 577.47 crore. Face value per share is Rs 2.
Tata Motors said that the company and Skoda ceased discussions around potential partnership. Tata Motors and Skoda Auto have performed a joint technical feasibility and commercial evaluation of a potential collaboration. Based on intense and constructive discussions, both the companies have jointly concluded that the envisioned areas of partnership may not yield the desired synergies as originally assessed. Nevertheless, the two companies have decided to keep in touch for future areas of collaborations.
Tata Motors will continue to pursue its standalone product strategy to bring exciting and world-class products to its customers.
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Tata Motors' consolidated net profit rose 41.6% to Rs 3199.93 crore on 10% decline in net sales to Rs 58493.37 crore in Q1 June 2017 over Q1 June 2016.
Tata Motors is a market leader in commercial vehicles in India. The company's British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.
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