New Delhi: Tata Motors' stock dropped by 4 per cent on Friday following a report of an 11 per cent decrease in total sales in July compared to the previous year.
The company's stock dropped by 4.09 percent and was being traded at Rs 1,097.65 per share on the National Stock Exchange (NSE). Tata Motors' stock on the BSE fell by 3.69 percent to reach Rs 1,102.40 per share. The BSE Sensex, consisting of 30 shares, dropped by 0.98 pc to 81,099.90, a decline of 767.65 points, and the NSE Nifty also decreased by 206.70 points to 24,804.20.
In July, Tata Motors announced a decline of 11 per cent in total sales compared to the previous year, with 71,996 units sold on Thursday. In July 2023, a total of 80,633 units were sold by the company. Domestic sales decreased by 11 pc to 70,161 units last month from 78,844 units in the same period last year.
The car company reported a 74 per cent rise in its combined net earnings to Rs 5,566 crore in the June 2024 period, driven by strong performance from both Jaguar Land Rover and its domestic operations. In the previous financial year, it recorded a net profit of Rs 3,203 crore in the April-June quarter. The firm saw a rise in its overall revenue to Rs 1,09,623 crore in the current period compared to Rs 1,03,597 crore in the June quarter of FY24.
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