Tata Motors hits over 11-month low after decline in JLRl retail sales

The stock dipped 4% to Rs 420, extending its Thursday's 2.3% fall on BSE.

Tata Motors  dipped 4% to Rs 420, extending its Thursday’s 2.3% fall on BSE, after the company said Jaguar Land Rover (JLR) reported 2.3% decline in retail sales of 40,385 units in the month of April.

The stock is trading at its lowest level since May 30, 2016. It hit a 52-week low of Rs 376 on May 11, 2016 in intra-day trade. Till 11:58 am; a combined 4.8 million shares changed hands on the counter on BSE and NSE.

“Jaguar Land Rover, the UK's leading manufacturer of premium luxury vehicles today reported April retail sales of 40,385, down 2.3% on April 2016,” Tata Motors said in a press release.

“A small decrease in sales was seen due to two factors. In the UK, customers purchased vehicles before the increase in vehicle tax on 1st April. In addition, the run-out of the previous Discovery model accounted for a year-on-year decrease in Land Rover sales,” Andy Goss, Jaguar Land Rover Group Sales Operations Director said.

“Sales will increase from this month as the all-new Discovery model continues to go on sale across the world, particularly in China and North America, two of Jaguar Land Rover’s biggest markets,” added Andy Goss.

Retail sales for Land Rover in April were 28,075 vehicles, down 15.8% on April last year, primarily reflecting the run-out of the Discovery and softer sales of other models, which were only partially offset by sales of the all-new Discovery and solid sales of Range Rover.

Jaguar had a record April, retailing 12,310 vehicles, up 54.0% compared to the same month in the previous year led by continuing strong sales of the F-PACE, XE and the long wheel base XFL from the China joint venture, the company said.

JLR sold 219,891 vehicles in the first four months of 2017, up 9.9% compared to the same period a year ago.