Tata Motors and Tata Steel tumbled by 6.4% to 9.4% at 9:44 IST on BSE on reports that UK has voted to leave the European Union.
Tata Motors (down 9.4% to Rs 442.15) and Tata Steel (down 6.4% at Rs 312.40) edged lower.
Meanwhile, the S&P BSE Sensex was down 811.63 points or 3.01% at 26,190.59.
Media reports suggested that the United Kingdom (UK) has voted to leave the European Union (EU) by a 52%-48% margin popularly referred to as Brexit.
Tata Motors derives majority of its revenue from its British luxury car unit Jaguar Land Rover (JLR). JLR is the largest automotive manufacturer in Britain. It is one of the UK's largest exporters and generates over 80% of its revenue from exports.
Tata Motors' consolidated net profit jumped 201.6% to Rs 5177.06 crore on 18.8% growth in net sales to Rs 79926.12 crore in Q4 March 2016 over Q4 March 2015.
Tata Motors is a market leader in commercial vehicles in India. The company's British unit JLR sells premium luxury cars.
Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. Tata Steel Europe has initiated the process to sell its UK business viz. Tata Steel UK. Tata Steel Europe has invited seven short listed potential investors to submit binding bids for Tata Steel UK.
Tata Steel reported consolidated net loss of Rs 3213.76 crore in Q4 March 2016 compared with net loss of Rs 5674.29 crore in Q4 March 2015. Net sales fell 12.5% to Rs 29164.37 crore in Q4 March 2016 over Q4 March 2015.
Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The combined Tata Steel group is one of the world's largest steel producers, with a steel capacity of more than 28 million tonnes and 80,000 employees across five continents.
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