NEW DELHI: Shares of Tata Motors plunged over 4 per cent in early trade on Tuesday after the company-owned Jaguar Land Rover (JLR) reported a 12.3 per cent decline in global sales at 57,114 units in September, hit by lower demand in China.
The scrip was trading 4.11 per cent down at Rs 204 around 9.30 am (IST), while the BSE Sensex was up 68 points, or 0.20 per cent, at 34,543 at around the same time.
The companys sales in China declined by 46.2 per cent during September compared to the same month last year as ongoing market uncertainty resulting from import duty changes and continued trade tensions held back consumer demand.
Sales of Jaguar brand of vehicles in September were at 19,146 units, an increase of 4.4 per cent over September 2017.
Land Rover range posted sales of 37,968 units in the month, down 18.8 per cent.
According to PTI, JLR on Monday also revealed plans for a two-week shutdown of its West Midlands plant at the end of October to cope with weakening global demand for its luxury vehicles. JLR, however, stressed that it would not mean any job losses at the plant in Solihull, with workers continued to be paid during the shutdown period.
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