Tata Motors falls as core earnings fail to impress

Shares of Tata Motors fell nearly 5% on Thursday, a day after the automaker reported second-quarter core earnings that at least two analysts said missed estimates due to higher expenses.

The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 95% sequentially in the July-September quarter and 53% from a year earlier, but were 14% below its estimate, brokerage Jefferies said in a note.

Emkay Research also said Tata Motors missed its EBITDA estimate.

However, the company's consolidated net loss narrowed to 9.45 billion Indian rupees ($115.83 million) in the quarter from a loss of 44.42 billion rupees a year ago.