Shares of Tata Motors dropped over 8 percent on Tuesday after the automaker's fourth-quarter profit nearly halved as it kept struggling to sell its luxury Jaguar Land Rover (JLR) cars.

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At 02:41 PM, the stock price was trading at Rs 175 per share, lower by 7.97 percent on the National Stock Exchange.

The company reported a profit of Rs 1,117.48 crore for the March 2019 quarter, compared to Rs 2,125.24 crore in the same period a year ago.

Revenue from Jaguar Land Rover Automotive declined 5 percent to Rs 65,146 crore.

"In JLR, we continue to face challenges in China which we are addressing on priority," chairman N Chandrasekaran said in a statement.

Brokerages shared a mixed view on the stock after quarterly results. CLSA recommended a 'sell' rating with a target price at Rs 150 per share saying that the JLR (Jaguar Land Rover) outlook remains weak.

The research firm said, "Indian business margin slipped QoQ despite higher volume. JLR margin guidance cut and cash flow outlook for FY21 looks weak as guidance cut underlines challenges of improving profitability."

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First Published:May 21, 2019 10:24 AM IST