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Tata Motors cracks 4% on poor JLR sales

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NEW DELHI: Shares of Tata Motors cracked over 4 per cent in Monday's trade amid weakening demand for subsidiary JLR.

Investor sentiment dampened on fresh reports suggesting jobs and production cuts at two of JLR’s British factories. Jaguar Land Rover will cut around 1,000 jobs and production at two of its English factories due to fall in sales caused by uncertainty around Brexit and confusion over diesel policy, Reuters reported quoting sources.

That’s not a new negative development as cost reduction initiatives are company's response to the headwinds faced in the US and European markets, Reuters quoted Macquarie as saying. The scrip opened at Rs 351.50 and touched intraday high and low of Rs 352.50 and Rs 341.10 respectively, in trade so far. Around 11:50 am (IST), shares of the company were trading at Rs 342.25, down 4.04 per cent on BSE. The scrip had touched its 52-week low of 324.50 on 26 March, 2018.




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