Stocks of Tata Motors dropped over 3.5 per cent Wednesday after S&P Global Ratings downgraded the credit rating of the auto giant and its British arm Jaguar Land Rover Automotive Plc.
After a negative opening on BSE, the scrip further declined 3.27 per cent to Rs 169.95. At 1251 hrs, the stock was trading at Rs 170.75, down 2.82 per cent.
On NSE, following the similar trend, the stock touched an intra-day low of Rs 92.75, down 3.63 per cent from the previous close.
In a regulatory filing to the stock exchanges Tuesday, Tata Motors said S&P Global Ratings has downgraded the credit rating of the company and Jaguar Land Rover Automotive Plc citing weak profitability at its British arm JLR.
Last month, Moody's Investors Service had changed Tata Motors' rating outlook to negative from stable, citing expectations of weak operating performance of JLR.
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