Tata Motors skids after rating downgrade

Tata Motors fell 2.15% to Rs 118.25 at 11:23 IST on BSE after CRISIL Ratings downgraded the credit rating of the company.

The announcement was made during market hours today, 16 August 2019.

Meanwhile, the S&P BSE Sensex was down 47.36 points or 0.13% to 37,264.17.

On the BSE, 8.85 lakh shares were traded in the counter so far compared with average daily volumes of 26.97 lakh shares in the past two weeks. The stock hit a high of Rs 120 and a low of Rs 117.4 so far during the day.

The stock hit a 52-week high of Rs 282 on 10 Sep 2018. The stock hit a 52-week low of Rs 116.4 on 07 Aug 2019.

CRISIL Ratings downgraded the auto maker's long term rating from CRISIL AA/ Negative to CRISIL AA-/ Negative while it kept the short term rating unchanged at CRISIL A1+. The rating agency justified the weakening of outlook on the business risk profile of Jaguar Land Rover (JLR).

On a consolidated basis, Tata Motors reported a net loss of Rs 3604.30 crore in Q1 June 2019 over a net loss of Rs 1902.37 crore in Q1 June 2018. Net sales fell 7.8% to Rs 60830.16 crore in Q1 June 2019 over Q1 June 2018.

Tata Motors is India's largest and the only original equipment manufacturer (OEM) offering extensive range of integrated, smart and e-mobility solutions.

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