Tata Motors share price falls nearly 8% to hit an intraday low of Rs 960.10 in the opening trade today on the back of its Q4 results. The automaker posted a sharp jump in its Q4 net profit at Rs 17,407 crore on Friday, May 10, aided by a tax credit of Rs 8,159 crore. As of 9:45 AM, Tata Motors share price was down 7.5% at Rs 967.75 on the NSE.
Tata Motor‘s revenue for the January-March quarter of the financial year 2023–24 rose to ₹1.20 lakh crore, rising more than 14% from ₹1.05 lakh crore in Q3FY23. Brokerages have downgraded Tata Motors stock post its Q4 results. Morgan stanley has downgraded Tata Motors to Equal Weight and has a target price of Rs 1,100 and Nomura has also downgraded the stock to Neutral with a target price of Rs 1,141.
TOPICS:
Tata Motors