• Tuesday, May 24, 2022

Business

Tata Motors profits plummet 96 per cent after cash ban

Tata Motors has suffered as a result of the cash ban

By: Eastern Eye Staff

India’s largest carmaker Tata Motors Tuesday reported a 96 percent fall in quarterly profits, due to a cash ban which hit domestic business and weak sales at its luxury Jaguar Land Rover unit. Consolidated net profit for the three months ending December fell to 1.12 billion rupees ($16.73 million) from 29.53 billion rupees a year earlier, the Mumbai-based company said. Revenue fell 4.3 per cent to 685.41 billion rupees. The company’s commercial vehicles business saw a “demand shrinkage” owing to the Indian government’s shock move in November to withdraw high-value banknotes from circulation, it said. Prime minister Narendra Modi’s demonetisation…

You do not have access to this content. You need to subscribe.

Eastern Eye

Related Stories

Eastern Eye

Videos

Mrunal Thakur on Dhamaka, experience of working with Kartik Aaryan,…
Nushrratt Bharuccha on Chhorii, pressure of comparison with Lapachhapi, upcoming…
Abhimanyu Dassani on Meenakshi Sundareshwar, how his mom Bhagyashree reacted…