Shares of Tata Motors traded at Rs 262.80, falling by Rs 1.35 or 0.51 percent on the BSE at 1:15 PM.
Intra-day, the stock has seen a high of Rs 262.80 and a low of Rs 248, after opening at Rs 248.
Earlier, Tata Motors’s shares fell as much as over 5.34 percent to Rs 250, lowest since July 18. The automaker posted June-quarter consolidated net loss of Rs 1902 crore, its biggest loss in nearly 10 years.
This was also co’s first quarterly loss in nearly three years. Profitability was hurt as dealers in China delayed purchases of luxury brand Jaguar Land Rover (JLR) to benefit from an import duty cut that came into effect after quarter-end.
Jefferies cuts price target to Rs 355 from Rs 440 and maintains “buy” rating. The brokerage firm said while this may seem like a one-off (hurt by China import duty cut), such disappointments have been a recurring issue for JLR in a weak environment.
Credit Suisse cuts price target to Rs 440 from Rs 460, maintains “outperform” rating.
In fact, 26 of 39 brokerages rate the stock “buy” or higher, 11 “hold” and two “sell” or lower. The median price target is Rs 358, according to Thomson Reuters Eikon.
Tata Motors has an estimated PE of 8.56, lower than the sector average of 17.43. More than 16 million shares change hands, compared with 30-day average of 11.4 million shares.
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