Mumbai: Stock markets extended losses on Friday after auto major Tata Motors posted its worst quarterly loss of Rs 26,993 crore due to an impairment charge of 3.1 billion pounds for Jaguar Land Rover.
Shares of SAIL and Vedanta too nosedived 6 per cent and 5 per cent. Welspun Crop, Jindal Steel and Tata Steel contributed to the fall.
The S&P BSE Sensex closed 425 points or 1.15 per cent lower at 36,546. The Nifty 50 closed 126 points or 1.14 per cent down at 10,943.
Tata Motors shares plunged nearly 18 per cent to close at Rs 150.15, marking its biggest intra-day fall in several years.
The auto maker has been suffering due to challenges at its British subsidiary JLR, which has been hit by low demand for diesel cars in Europe and Brexit worries.
Financial stocks also slipped during the day with ICICI Bank and State Bank of India showing negative performance.
However, Anil Ambani-led Reliance Group gained after it accused L&T Finance and Edelweiss Group of invoking and selling pledged shares illegally.
Meanwhile, Asian stock markets were in the red as concerns mounted over the success in trade talks between the United States and China.
Investors chased reports that US President Donald Trump and his Chinese counterpart Xi Jinping were unlikely to meet before the March 1 deadline set by the United States for reaching a trade deal.