Tata Motors, India's largest automobile company, witnessed a sharp fall in share price on Wednesday after it reported a steep drop in consolidated net profit for the quarter ended Mar. 31, 2015. During the quarter, the profit of the company declined 56.20% to Rs 17.16 billion from Rs 39.18 billion in the same quarter last year.

Consolidated net revenues for the quarter was at Rs 675.76 billion, up 3.46% from Rs 653.17 billion for the corresponding quarter last year.

The company said increase in wholesale volumes and richer product mix both in the standalone business and Jaguar Land Rover (JLR) helped it to report a growth in sales.

Shares of Tata Motors are trading at Rs 470.70, down Rs 26.4, or 5.31% at the Bombay Stock Exchange (BSE) on Wednesday at 9:42 a.m.

Total volume of shares traded on the bourses today was lower by 61.08% to 3,456,942 compared with 22-day average volume of 8,881,894.