Tata Motors shares plunged over 6 percent to a low of Rs 248 on the BSE in morning hours on Wednesday. On the NSE, Tata Motors shares dived upto 5 percent to Rs 250 per share.
The auto major on Tuesday reported a consolidated loss of Rs 1,863 crore for the Q1 ended June 30. Tata Motors’ first quarter FY2019 numbers were below estimates due to disappointing operating margin of JLR and forex losses.
In view of the outlook of Tata Motors stock trend, Elara Capital has recommended buying Tata Motors shares with a new target price of Rs 346 on account of remarkable standalone performance especially in the passenger vehicle business. Conversely, Motilal Oswal Securities has maintained a ‘buy’ of the Tata Motors’ stock with a revised target price of Rs 360.
Meantime Credit Suisse has reportedly maintained a rating ‘outperforms’ and cut target price to Rs 440 rupees from Rs 460.
Reacting to the disappointing results, at 12.00 hrs the stock of Tata Motors was trading down by 2.06% at Rs. 258.70 per share on Wednesday. Meanwhile the benchmark Sensex was trading lower by 63.14 points at 37,543.44 and the NSE Nifty too trade lower at 11349.40 down 7.10 points in trade.