Tata Motors, which also has foreign currency borrowings, is expected to be affected in the coming quarter.
These are tough times for Indian companies. Despite the bounce towards the end of this week, the Indian rupee has depreciated close to 20% since May.
Indian groups sustained valuation losses on foreign borrowings during the first quarter ended June and, unless there is a sharp reversal, they are expected to continue to do so in the coming quarter.
The country's largest refiner, Indian Oil Corp, incurred Rs40 billion $591 million of foreign exchange losses during the first...