The Nifty Auto index declined 3% on Friday led by sharp fall in Tata Motors
, Motherson Sumi
, and Eicher Motors
Shares of Tata Motors and Tata Motors-DVR
, which plunged 18% and 15%, respectively, were leading index’s fall. Shares of Tata Motors slumped after the company missed expectations in Q3FY19 at the consolidated level
. The company plunged into a net consolidated loss due to asset impairment in JLR of Rs27,838cr. Reported consolidated net loss was Rs26,992cr against net profit of Rs1,193cr in Q3FY18 and net loss of Rs1,049cr in Q2FY19.
Shares of Motherson Sumi
also contributed to the fall by declining 4% each. Shares of Eicher Motors, Exide Industries
and Bharat Forge
slumped 3% each. Further, M&M
, TVS Motor
, and Ashok Leyland
dropped 2% each.
Meanwhile, equity benchmark indices were trading in the red with the Sensex declining 232 points at 36,739 levels. Nifty also dropped 69 points to trade at 11,000 levels.