 "Tata Motors PV shares fall 4.8% on JLR volume drop and margin cut")
Tata Motors Passenger Vehicles (PV) fell as much as 7.3 per cent on Monday amid a drop in volumes at Jaguar Land Rover (JLR). The company also revised lower the margin forecast for the luxury car unit.
Shares of Tata Motors PV ended at Rs 372.7, down 4.83 per cent over its previous close. The company got listed separately last week after it was spun off from Tata Motors, which now houses the commercial vehicle business. Tata Motors PV includes the passenger vehicles business, including electric vehicles (EVs), and Jaguar Land Rover, which generates the bulk of its profits.
A cyberattack in early September had halted production for five weeks at the luxury car maker and led to a one-time charge of $228.5 million in the second quarter.
What is weighing on Jaguar Land Rover’s performance?
In a note, Jefferies said JLR faces multiple headwinds, which include increased competition and consumption tax in China, high discounts and the transition to EVs.