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Tata Motors drops after poor JLR sales

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Tata Motors lost 3.04% at Rs 183.45 at 11:31 IST on BSE after Jaguar Land Rover retail sales dropped 4.1% to 38,288 vehicles in February 2019 over in February 2018.

The announcement was made after market hours yesterday, 7 March 2019.

Meanwhile, the S&P BSE Sensex was down 13.55 points, or 0.04% to 36,711.87

On the BSE, 10.10 lakh shares were traded in the counter so far compared with average daily volumes of 19.40 lakh shares in the past two weeks. The stock had hit a high of Rs 188.30 and hit a low of Rs 182.05 so far during the day.

Jaguar Land Rover retail sales in February 2019 were 38,288 vehicles, down 4.1% compared to February last year. Strong sales of I-PACE, E-PACE, refreshed Range Rover and Range Rover Sport were offset by overall weak customer demand in China as well as the run out of the old Range Rover Evoque, with sales of the all new Evoque expected to ramp up over the coming months.

Retail sales were up significantly in North America (25.4%), UK (11 .3%) and modestly higher in Europe (1.1 %) but weaker market conditions continued to weigh on sales in China (down 47.6%).

Jaguar retail sales in February were 12,235 vehicles, up 5.8% year-on-year reflecting increased sales of E-PACE and the all-electric I-PACE. Land Rover retailed 26,053 vehicles in February, down 8.1% year-on-year as strong sales of the refreshed Range Rover and Range Rover Sport were more than offset by the run out of the Evoque and lower sales of other models primarily impacted by the weaker conditions in China.

Tata Motors reported consolidated net loss of Rs 26992.54 crore in Q3 December 2018 as compared to net profit of Rs 1198.63 crore in Q3 December 2017. Total income rose 4.37% to Rs 77582.71 crore in Q3 December 2018 over Q3 December 2017.

Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, buses, trucks and defence vehicles.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 08 2019. 11:38 IST