As such the auto sector stocks are all in the red on account of the ongoing slowdown but Tata Motors has more grief – it is now forced to shut down its JLR plant in Britain for a week, leading to loss of production. Tata Motors went down almost 5% to Rs.118.25 and continues to remain at the same levels as of now.
The company has not made an official announcement yet, but news is that JLR will be closing its UK factories for a week in November to guard against disruption from a possible no-deal Brexit.
Bloomberg has reported this news, saying that the shutdown will go ahead whether or not Britain seeks an extension to the Oct. 31 deadline for leaving the European Union.
Prime Minister Boris Johnson has threatened to exit the EU without a deal if he’s unable to renegotiate current terms an seek an extension on the deadline. U.K. carmakers have been campaigning against a no-deal split since the 2016 referendum. The deadline is 31st Oct for Britain to leave the EU.
Toyota too has planned a closure but its only for one day – 1st Nov and BMW will halt production at its Oxford plant for two days – 31st Oct and 1st Nov.