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Shares of Tata Motors dropped on weak Jaguar Land Rover US sales. The stock fell as much as 1.9 per cent to Rs 425.75.The stock was the top percentage loser on the NSE index, dragging it down by 2.4 index points.
The company had said on Wednesday that Jaguar Land Rover's (JLR) US sales dropped 9 per cent to 11,394 units in December. The fall in US sales was below expectation of flattish volumes for December, Nomura analysts said in a note.
Nomura adds that JLR's earnings could be hurt if any import taxes are imposed in the United States. About 27 of 39 brokerages rate the stock as “buy” or higher, nine “hold” and the rest as “sell” or lower; their median price target is Rs 500.
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