UBS cut its 12-month price target for Tata Motors to Rs 270 from Rs 320, maintaining its "sell" rating after the auto maker's weaker-than-expected operating earnings.
UBS believes volume growth for unit Jaguar Land Rover could "incrementally disappoint."
Bank adds domestic sales growth remains at risk due to India's weak economic outlook and increasing competition.
Shares last down 8.3% at Rs 253.
