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Shares of India's Tata Motors Ltd fell as much as 5.4 percent on Friday, heading towards their biggest daily fall in more than a year after third-quarter profit missed analyst estimates.

Consolidated net profit fell 25.5 percent to 35.81 billion rupees ($580.20 million), due to losses in its domestic business, unfavourable foreign exchange rates and a dip in sales at its Jaguar Land Rover unit.

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