Tata Motors stock ends in red as JLR chief issues 'no-deal' Brexit warning

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Shares of Tata Motors Wednesday ended in the negative territory after Jaguar Land Rover (JLR) issued a warning to the UK government of massive losses due to a "no-deal" Brexit.

On the BSE, Tata Motors' shares ended at Rs 262.65, down 1.70 per cent from the previous close. The stock had opened at Rs 269.80, which was also its intraday high, and touched a low of Rs 259 during the day.

The shares settled 0.53 per cent down at Rs 142.00 on the NSE. After opening at Rs 142.95, the stock had touched a high of Rs 143 and a low of Rs 139.40, intra-day.

On the volume front, 13.66 lakh shares of the firm were traded on the BSE, while 15.20 lakh exchanged hands on the NSE.

The company's market capitalisation declined by Rs 1,313.74 crore to Rs 75,836.21 crore on the BSE.

JLR CEO Ralf Speth, who was speaking at the Zero Emission Vehicle Summit in Birmingham, said Tuesday that fears of a so-called "no-deal" Brexit and lack of clarity over Britain's post-Brexit plans threatens the UK-based luxury carmaker's entire operational set up.

"Just one part missing could mean stopping production at a cost of 60 million pounds a day. That is a huge risk. We depend on free, frictionless, seamless logistics," he said.

Back in July, the JLR CEO had issued a similar statement warning the UK government against a "bad Brexit deal".

The UK's largest carmaker has witnessed a complete turnaround in its fortunes since, Tata Motors acquired the traditional British brands from Ford 10 years ago.