Tata Motors reports 12% fall in Jaguar Land Rover sales, shares crash
10 Oct 2018
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Tata Motors-owned luxury automobile brand Jaguar Land Rover posted a 12.3 per cent fall in the global sales to 57,114 vehicles in September. The news caused a crash in Tata Motors stock by as much as 20 per cent.
Shares of Tata Motors hit a 7-year low on Tuesday with about 116 million equity shares changing hands on the National Stock Exchange (NSE), while about 11 million equity shares were traded on the Bombay Stock Exchange (BSE).
The stock of Tata Motors, which began trading in the negative territory, started falling further within an hour of stock market opening on Tuesday.
Tata Motors-owned luxury automobile brand Jaguar Land Rover posted a 12.3 per cent fall in the global sales to 57,114 vehicles in September. The steep decline in the global vehicle sales was largely due to the much lower demand in Mainland China.
“As a business we are continuing to experience challenging conditions in some of our key markets. Customer demand in China in particular has struggled to recover following changes in import tariffs in July and intensifying competition on price, while ongoing global negotiations on potential trade agreements have dampened purchase considerations. Despite this, we expect lower tariffs on UK imports to be beneficial over the full year,” said Felix Brautigam, chief commercial officer, Jaguar Land Rover.
Tata Motors’ sales in China dropped by 46.2 per cent during September.
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