(Reuters) – Indian carmaker Tata Motors fell more than 7% in early trade on Thursday after reporting a bigger-than-expected drop in quarterly profit, which pushed a slew of brokerages to slash price targets on the stock.
The automaker’s stock was on track for its worst day in nearly five months, and was the top loser on the benchmark Nifty 50 index, which was trading flat in early trade.
At least seven brokerages lowered price targets on the Tata Motors stock, while three lowered their ratings, as per data compiled by LSEG, after it posted a 22% drop in its third-quarter profit on Wednesday.
($1 = 86.5820 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)
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