Tata Motors’ loss in June quarter doubles to Rs 3,679.66 cr

Tata

Mumbai, July 25 (IANS) India’s ongoing economic slowdown has claimed jobs, profits and caused investors to run scared of participating in the financial markets.

An important indicators of economic growth is sale of commercial vehicle (CV). On Thursday, the country’s largest CV maker, Tata Motors said the “domestic auto industry has declined sharply and significantly”.

The company reported Rs 3,679.66 crore loss in the June quarter, nearly double the loss of Rs 1,902.37 crore in the comparable period last year.

Even the global auto industry scene seems dull. Tata Motors on its subsidiary Jaguar Land Rover, Britain’s largest automotive manufacturer, said, “with industry volumes down in most regions, Jaguar Land Rover reported a year-on-year 11.6 per cent decline in its global retail sales.”

Shares of the company on the BSE closed 4.56 per cent lower at Rs 144.35 apiece ahead of its results.

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