Tata Motors hit a 6-year low today at Rs.194.70, down 8.5% and the mood on the counter remains very negative. Tata Motors DVR is also a big loser, figuring alongside Tata Motors on the top five losers list.
The stock price has taken a hit on account of the poor sales offtake in September global sales of JLR.
For Sept, JLR global sales fell 12% to 57,114 units, mainly on account of lower demand in China.
China sale fell 46% (YoY) due to import duty changes triggering off a sense of uncertainty. Moreover, the ongoing tariff war tensions with USA has led to people holding back buying decision.
JLR has also planned on a 2-week shutdown of its West Midlands plant at the end of Oct to deal with weakening demand for luxury vehicles. No worker would be retrenched during this period; there would be no work but they all will continue to receive pay.