Tata Motors shares crack 29.5% on biggest ever quarterly net loss of Rs 26,961 cr in Q3; market cap drops by over Rs 9,800 cr

New Delhi: Shares of Tata Motors on Friday plummeted 29.5 percent after the company reported its biggest-ever quarterly net loss of Rs 26,960.8 crore for the third quarter ended 31 December. The auto major’s stock plunged 22.41 percent to Rs 141.90 – its 52-week low – on the BSE. On the NSE, it cracked 29.45 percent to Rs 129 – its one-year low. [caption id=“attachment_4336827” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] The stock was the biggest drag on both the indices during morning trade. The company’s market valuation plunged Rs 9,801.94 crore to Rs 43,007.06 crore during the late morning session on BSE. The auto major on Thursday reported its biggest-ever quarterly net loss of Rs 26,960.8 crore for the third quarter ended 31 December, hit by one-time asset impairment in its struggling British arm Jaguar Land Rover. This is the third consecutive quarterly loss reported by the company, which had registered a net profit of Rs 1,214.6 crore in the October-December quarter of 2017-18. Total revenue from operations, however, rose 4.36 percent to Rs 77,582.71 crore as compared to Rs 74,337.7 crore in the year-ago period, Tata Motors said in a regulatory filing. JLR’s revenue declined 1 percent to 6.2 billion pounds.