INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Tata Motors declined over 1 per cent in early trade on Thursday after SP downgraded its credit rating.
SP said on
Wednesday it had downgraded the credit rating on Jaguar Land Rover, and its owner, even deeper into junk and put it on review for a possible
further downgrade due to the growing risks of a no-deal Brexit and US import tariffs, Reuters reported.
SP cut its rating on senior
unsecured notes of JLR and Tata Motors to 'B+' from 'BB-'
The rating downgrade followed JLR's weaker than expected third-quarter results
JLR's global sales declined 4.1 per cent to 38,288 units in February, mostly because of signs of global economic slowdown, uncertainty
around Brexit and the US-China trade war.
Around 9:35 am, shares of Tata Motors traded 0.41 per cent down at Rs 169.20 on BSE
