Tata Motors ADRs dip by 10%

Prospects of weak margins for JLR pushes stock down

American Depository of Receipts (ADRs) of Tata Motors were trading down by almost  9.7% after its subsidiary Jaguar Land Rover said it will report lower margins in October-December 2012 quarter.

ADR was trading on NYSE at $27.04, down by $2.92 in as per latest data.

The margins are likely to be compared with the previous two quarters due to exchange rate fluctuations and a higher mix of Evoque sales, the company said today.

JLR also said it will raise $400 million (over Rs 2,100 crore) through issue of bonds to support its operational costs and future growth plans.