Tata Motors cracks 4% on poor JLR sales
Jaguar Land Rover will cut around 1,000 jobs and production at two of its English factories.
By ETMarkets.com | Updated:
BCCL
The scrip had touched its 52-week low of 324.50 on 26 March, 2018.
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 337.90 respectively, eventually closing at Rs 338.95, down 4.96 per cent.
The scrip had touched its 52-week low of 324.50 on 26 March, 2018.
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 337.90 respectively, eventually closing at Rs 338.95, down 4.96 per cent.
The scrip had touched its 52-week low of 324.50 on 26 March, 2018.
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