Tata Motors slumps on Q3 earnings miss, JLR outlook
MUMBAI (Reuters) - Shares of Tata Motors Ltd fell as much as 6.2 percent on Friday, heading towards their biggest daily fall in more than a year after third-quarter profit missed analyst estimates.
Consolidated net profit fell 25.5 percent to 35.81 billion rupees ($580.20 million), due to losses in its domestic business, unfavourable foreign exchange rates and a dip in sales at its Jaguar Land Rover unit.
Management guidance for lower margins and capital expenditure at JLR unit in a conference call with analysts also weighs.
The company has cut JLR capex guidance, implying potential negative free cash flow in FY16, Motilal Oswal said in a note to its clients.
($1 = 61.7200 rupees)
(Reporting by Abhishek Vishnoi; Editing by Subhranshu Sahu)