Tata Motors went down almost 4% today morning to Rs.170.50; it has recovered from this intra day low but remains in the red at Rs.173 levels. Its 52-week low is at Rs.164.55.
The stock price has slipped on reports coming in that its JLR will be halting production temporarily and also bring down its workforce by around 500 at its engine factory in Wolverhampton (UK). This is mainly to adjust production for the demand which has slowed down.
Following this, foreign broking house UBS has maintained neutral call on the stock and cut target to Rs 200 from Rs 280 per share.