Tata Motors PV shares hit by a loss of ₹3,486 crore; will the decline deepen? Brokerage cuts target price:Tata Motors Passenger Vehicles shares opened lower after reporting poor Q3 results.

News Topical, Digital Desk : Shares of Tata Motors Passenger Vehicles opened with a decline of 2.5 percent after poor third quarter results. After opening at Rs 365, the shares are seeing a recovery and from the lower levels, the shares of Tata Motors Passenger Vehicles have risen by 1.5 percent. Tata Motors Passenger Vehicles has suffered a huge loss in the third quarter. A cyber attack on its UK luxury unit Jaguar Land Rover affected sales and led to a one-time charge of about Rs 16 billion ($177.18 million).

Revenue from operations was ₹69,605 crore, down 25.8% from the previous year, and EBIT was negative ₹3,300 crore compared to ₹11,000 crore in the same period last year. Following these results, brokerages have given their target prices on Tata Motors shares.

Jefferies target price on TMPV

Following its third-quarter results, global brokerage firm Jefferies has set a target price of ₹310 for Tata Motors shares, which is significantly lower than current levels. Tata Motors shares have seen a significant decline over the past year and a half, falling from a record high of ₹710 to ₹323. However, the stock has gained 7% so far in February.

The company's expectations for Q4

Tata Motors PV said the cyber incident at JLR is significantly impacting its performance, however, domestic performance has improved quarter-on-quarter due to higher sales and incentives.

Tata Motors Passenger Vehicles management expects a significant improvement in the fourth quarter as domestic demand remains strong, and the company is confident of accelerating growth through new launches and innovations.