Tata Motors sees sharp drop in price targets as JLR reports losses

Most brokerages have revised downwards their price target for Tata Motors following losses reported by its luxury unit Jaguar Land Rover (JLR). Reacting to the weak numbers, shares of Tata Motors had declined as much as 6.5 per cent. The stock, however, managed to recoup most of the losses to end 0.3 per cent higher at Rs 265. Analysts say shares of Tata Motors, down 43 per cent from their 2018 peak, have factored in most of the negative news. “We cut our price target to factor in weaker prospects for JLR but undemanding valuation post steep correction makes risk-reward favourable,” said a note by Jefferies India.