WRAPUP 1-India's Tata Motors, Mahindra profits down, forex weighs

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* Tata Motors Q2 profit down 16 pct, below estimates * Tata Motors, Mahindra incur forex losses * Mahindra says economic outlook cautious for FY12 * Mahindra shares fall as much as 7 pct after results (Wraps Tata Motors, Mahindra results; adds comments) By Sumeet Chatterjee and Subhadip Sircar MUMBAI, Nov 14 - Tata Motors and Mahindra & Mahindra, two of India's biggest automakers, reported a wider-than-expected fall in quarterly earnings on Monday on exchange rate fluctuations ...

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