S&P cuts Tata Motors credit rating on weak JLR profit, stock falls 3%

Shares of Tata Motors fell as much as 3.15 per cent to Rs 170.15 apiece in early trade on BSE after S&P Global Ratings lowered the credit rating of Tata Motors and JLR

Shares of Tata Motors fell as much as 3.15 per cent to Rs 170.15 apiece in early trade on BSE after S&P Global Ratings lowered the credit rating of Tata Motors and its luxury car unit Jaguar Land Rover Automotive Plc (JLR), citing weaker-than-expected profitability at JLR.
 
On Tuesday, S&P cut its rating on Tata Motors’ issuer credit and senior unsecured notes to ‘BB-’ from ‘BB’. The ratings remain on negative watch, reflecting the uncertainties for JLR from a fast-approaching Brexit deadline, Reuters reported quoting S&P as saying.
 
Similarly, the issuer credit rating and senior unsecured notes rating