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Tata Motors Shares Fall 5% As Jaguar Land Rover Sales Volumes Disappoint
Shares of India's Tata Motors Ltd fell as much as 4.6% on Monday after the automaker reported lower-than-expected wholesale volumes for its Jaguar Land Rover business, prompting brokerage J.P. Morgan to downgrade the stock over the weekend. The automaker, among the largest in the country, blamed lower-than-expected supply of specialised chips from one supplier for failing to meet its target. However, it said new deals with semiconductor suppliers would lead to improved sales in the second half of the fiscal year. Shares were last down 3.8% at 396.4 Indian rupees on Monday. Current average rating among 30 analysts covering the stock was "buy" and median price target was 530 Indian rupees, according to Refinitiv. Source: NDTV #TataMotors
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