Mumbai: Shares of Tata Motors on Monday dropped as much as 5% on the Bombay Stock Exchange after the country’s largest vehicle maker reported a consolidated net loss of Rs2,505.25 crore for 2008-09.
Shares of Tata Motors were quoted at Rs323.40 on BSE, down by 4.97% over the previous close.
On the National Stock Exchange where the scrip fell to Rs323.05, down 5.05% over last closing. On the volume front, over 16.31 lakh shares changed hands in the bourses.
Tata Motors reported its first net loss in eight years, mainly on the back of losses of over Rs1,700 crore incurred by its two British premium car brands Jaguar and Land Rover.
Income from JLR sales stood at Rs39,270.70 crore, while the loss from JLR operations stood at Rs1,777.35 crore in FY’09.
Tata Motors completed the acquisition of the two British car brands for $2.3 billion last year.
On Sunday, Tata Motors launched its first JLR showroom in the country in Mumbai which would sell a range of vehicles, including Jaguar’s XF and XKR and Land Rover’s Discovery and Range Rover.