Tata Motors stock falls over 7 percent over weak Q3 earnings

The Tata Motors' stock closed lower on Tuesday after the firm reported a 96 percent fall in Q3 profit.

The stock fell over 7 percent during intra-day trade  and touched 468 level on the BSE.

The stock which opened at Rs 503 level fell to intra-day low of Rs  468.30 after the earnings were announced around 3 pm. Before the earnings came out,  the stock was trading at Rs 503 level.

The firm reported a 96.22 per cent decline in consolidated net profit to Rs 111.57 crore for the December quarter, dragged down by losses in domestic operations and lower profit of its British arm JLR. It had posted net profit of Rs 2,952.67 crore in the same quarter of last fiscal, Tata Motors said in a BSE filing.

The company's consolidated sales during the October- December quarter were down 2.2 per cent to Rs 67,864.95 crore as against Rs 69,398.07 crore in the year-ago period.

The stock closed 3.68 percent or 18.60 points lower at Rs 486.80 on the BSE.