TATA MOTORS Q1 NET DOWN 57% AT ₹2,260 CR

Tata Motors on Friday reported a 57% decline in consolidated net profit at ₹2,260.40 crore for the first quarter ended June 30, due to post Brexit adverse foreign exchange impacting its British arm JLR. The city-based company had posted a consolidated profit of ₹5,254.23 crore in the same period last fiscal. The company said higher volumes in both standalone as well as Jaguar Land Rover business more than offset by the adverse forex impact of ₹2,296 crore in the operating profit mainly in the JLR business. The scrip gained 2.01% to settle at ₹503.65 on the Bombay Stock Exchange.