NEW YORK (TheStreet) -- Tata Motors (TTM) shares fell 8.04% to $37.86 in afternoon trading on Tuesday after the India-based automotive company released its fourth quarter earnings results earlier today.
The Jaguar parent company reported fourth quarter earnings that fell 56% year over year to $269 million, well short of analysts' $616.3 million guidance. Revenue for the period increased 4.4% to $10.72 billion, just ahead of analysts' $10.4 billion expectations.
The company's weaker than expected quarter was due to struggling Jaguar Land Rover sales in China as the company saw a 31% decline in year over year revenue in that segment.
The company said that it will not pay a yearly dividend due to "continued weak operating environment in the standalone business, and in view of the losses."