NEW YORK (TheStreet) -- Shares of India-based Tata Motors Ltd. (TTM) are down -2.40% to $37.79 after the automaker reported profit that missed the median of 30 analyst estimates as a wider loss at the local business took away gains from its Jaguar Land Rover unit, Bloomberg reports.
The company's net income fell to $664 million in the fiscal fourth quarter ended March 31, the company said. Jaguar Land Rover profit increased to $750 million.
The luxury unit is helping buoy the company, which is struggling to revive profitability at its Indian business. Domestic deliveries of cars, trucks and buses declined 36 percent in the quarter, while sales gained 8 percent at Jaguar Land Rover, spurred by demand in China, Bloomberg said.
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