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Tata Motors slips after S&P cuts credit rating

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fell 2.25% to Rs 171.75 at 9:19 IST on BSE after Global Ratings lowered the credit rating of the company and Automotive Plc.

The announcement was made after market hours yesterday, 4 December 2018.

Meanwhile, the was down 178.06 points, or 0.49% to 35,956.25.

On the BSE, 1.42 lakh shares were traded in the counter so far compared with average daily volumes of 10.39 lakh shares in the past two weeks. The stock had hit a high of Rs 173.75 and a low of Rs 170.15 so far during the day. The stock hit a 52-week high of Rs 443.55 on 9 January 2018. The stock hit a 52-week low of Rs 164.55 on 25 October 2018.

announced that Global Ratings has lowered the credit rating of the company and luxury car unit, Automotive Plc (JLR), citing weaker profitability at JLR. S&P cut its rating on Tata Motors' issuer credit and senior unsecured notes to 'BB-' from 'BB'. The ratings remain on negative watch.

On a consolidated basis, reported net loss of Rs 1009.49 crore in Q2 September 2018 as compared with net profit of Rs 2501.67 crore in Q2 September 2017. Net sales rose 1.69% to Rs 71292.79 crore in Q2 September 2018 over Q2 September 2017.

Tata Motors is a leading global 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: Wed, December 05 2018. 09:20 IST