Tata Motors slumped 4.19% to Rs 65.10 after the company announced that its sales in the domestic & international market in March 2020, stood at 12,924 units, down 82.69% compared with 74,679 units during March 2019.
The automaker's total sales fell 68.19% compared with 40,634 units in February 2020.
Total domestic sales declined 84% to 11,012 units in March 2020 from 68,727 units in March 2019.
Total commercial vehicle sales slumped 87% to 7,123 units, while total passenger vehicle sales slipped 68% to 5,676 units in March 2020 over March 2019.
Girish Wagh, president, commercial vehicles business unit, Tata Motors said, Cumulatively, commercial vehicle domestic sale for FY20 at 3,10,855 units was 34% lower than FY19. Retail was 16% higher than offtake for the entire year. Domestic sales in March 2020 were 5,336 units, deeply impacted by the COVID 19 lockdown as well as the planned transition to BSVI. Retail sales was significantly ahead of wholesales (>300%). Almost all BSIV vehicles in the ecosystem have been retailed, however, some await registration which was halted due to the lockdown. This will be cleared in the window provided. Productionization of BSVI vehicles was on track and we have wholesaled the initial few BSVI vehicles. Our focus is to secure the extensive business continuity plan including ensuring full support to all our customers in need, particularly those who are transporting the essential goods during this challenging period.
The scrip extended its decline for the second day. In two sessions, the stock has fallen 8.37% from a recent closing high of Rs 71.05 on 31 March 2020.
Tata Motors (TML) is the largest manufacturer of commercial vehicles and passenger vehicles in India. The company's products include light, medium, and heavy vehicles, such as trucks, pick-ups and buses, utility vehicles and passenger cars.
TML's consolidated net profit surged 106.4% to Rs 1,738.30 crore on a 6.8% decline in net sales to Rs 71,051.42 crore in Q3 December 2019 over Q3 December 2018.
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