Stocks

Layoffs at JLR plant: Tata Motors drops 4%

Reuters November 30 | Updated on November 30, 2018 Published on November 30, 2018

Jaguar Land Rover is going to cut 500 jobs temporarily at its plant in central England.

Shares of Tata Motors Ltd fell as much as 3.9 per cent to Rs 170.35, their lowest level since October 29 as the company’s British unit Jaguar Land Rover (JLR) had said on Thursday it is going to cut 500 jobs temporarily at its plant in central England.

Britain's biggest carmaker JLR said: “external environment remains challenging”; the company is taking decisive actions to achieve necessary operational efficiencies to safeguard long-term success.

More than 4.4 million shares changed hands by 0418 GMT vs 30-day average of 15.8 million shares. Tata Motors stock had fallen nearly 59 per cent this year as of last close.

Published on November 30, 2018
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