Tata Motors lost 1.16% to Rs 378.95 at 15:12 IST on BSE on reports that over 4,000 temporary workers today, 7 September 2017, started an agitation at Tata Motors' Jamshedpur plant against alleged non-payment of revised wages.
Meanwhile, the S&P BSE Sensex was up 16.19 points or 0.05% at 31,678.16.
On the BSE, 5.71 lakh shares were traded on the counter so far as against the average daily volumes of 18.91 lakh shares in the past one quarter. The stock had hit a high of Rs 384.80 and a low of Rs 376.10 so far during the day. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016 and a 52-week low of Rs 357.95 on 11 August 2017.
The stock had underperformed the market over the past one month till 6 September 2017, sliding 11.88% compared with the Sensex's 2.05% fall. The stock had also underperformed the market over the past one quarter, declining 16.81% as against the Sensex's 1.51% rise. The scrip had also underperformed the market over the past one year, sliding 34.95% as against the Sensex's 9.26% rise.
The large-cap company has equity capital of Rs 577.47 crore. Face value per share is Rs 2.
Reports suggested that the Jamshedpur plant produces about 9,000 commercial vehicles a month, with the daily production averaging 300 units, in three shifts. After the workers staged a sit-in, the management sought six months to look into the issue, but the workers were ready to give only three months, as per reports.
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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