Shares of Tata Motors fell by 3.5 percent on panic selling after its unit Jaguar Land Rover said it would cut production at a UK car plant. The scrip declined by 3.36 percent to end at Rs 251.45 on the BSE. During the day, it lost 3.65 percent to Rs 250.70.
On the NSE, shares of the company fell by 3.45 percent to close at Rs 251.25. The company's market valuation declined by Rs 2,525.62 crore to Rs 72,602.38 crore on the BSE. In terms of equity volume, 10.38 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE during the day.
Tata Motors-owned Jaguar Land Rover (JLR) confirmed a cut in its production schedule at the Castle Bromwich plant manufacturing Jaguar cars in the West Midlands region of England due to "continuing headwinds" impacting the British car industry.
"As is standard business practice, Jaguar Land Rover regularly reviews its production schedules to ensure market demand is balanced globally," JLR said in a statement. "In light of the continuing headwinds impacting the car industry, we are making some temporary adjustments to our production schedules at Castle Bromwich," it noted.