Jaguar Land Rover owner Tata Motors posted a loss of more than $52 million during the last quarter.
The company lost $54 million (about £38 million) during a slump in demand, reports the International Herald Tribune.
India's largest commercial vehicle maker said it sold 98,760 vehicles from October to December, down 31.7% from the same period last year.
Sales of Jaguar cars rose from 10,667 to 14,710 in the quarter, thanks to demand for the XF model.
However volume for both brands, Jaguar and Land Rover, dropped by 32.5% to 49,186 vehicles.