Shares of Tata Motors today plunged by 5.5 per cent, wiping out Rs 5,026 crore from its market valuation, following disappointing third quarter earnings.
The stock fell by 5.55 per cent to end at Rs 275.65 on BSE. During the day, it dipped 8.85 per cent to Rs 266 -- its 52-week low.
On NSE, shares of the company declined by 5.21 per cent to end at Rs 276.35.
Following the dip in the stock, the company's market valuation came down by Rs 5,026.21 crore to Rs 79,236.79 crore.
On the volume front, 18.20 lakh shares of the company changed hands at BSE and over 2 crore shares were traded at NSE during the day.
Tata Motors today reported 2 per cent decline in consolidated net profit to Rs 3,507.54 crore in the third quarter ended December 31, 2015-16, due to weaker sales mix and higher depreciation costs.
The company had posted consolidated net profit of Rs 3,580.72 crore in the same period last fiscal, Tata Motors said in a BSE filing.
Net sales in the third quarter of current fiscal were up 3.71 per cent at Rs 71,686.12 crore, as against Rs 69,121.61 crore in the year-ago period, it added.
The company said its profit was lower due to weaker sales mix (both model and market), higher depreciation and amortisation expenses, non recurrence of an annual China tax rebate (received in the third quarter of 2014-15, but in current year it was received only in the first quarter of 2015-16) and other items in the Jaguar Land Rover business.
