Tata Motors extends fall after Q1 earnings disappoint

[prasad]

Shares in Tata Motors fell more than 3 per cent on Friday after the Indian auto maker missed estimates with its first-quarter results and forecast lower sales for its key Jaguar Land Rover subsidiary.

Credit Suisse downgraded Tata Motors to "underperform" from "neutral", after cutting its volumes forecast and increasing its tax rate assumption for the JLR unit.

Tata Motors on Thursday said April-June net profit rose 12.3 per cent from a year ago to Rs 2,245 crore, missing estimates for Rs 2,761 crore profit.

Tata shares were last down 2.9 per cent.



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