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Automaker Tata Motors Ltd’s shares fell as much as 3.7 per cent to Rs 182.50, their biggest intra-day per cent loss since February 15.
The company’s British luxury car unit, Jaguar Land Rover (JLR), on Thursday posted a 4.1 per cent fall in retail sales in February, saying weaker market conditions continued to weigh on sales in China for JLR.
Morgan Stanley said for the stock to re-rate, JLR needs to exhibit stable and positive free cash flows. It has maintained “equal-weight” with a PT of Rs 184.
Positive free cash flows can be achieved either by strong internal cost cutting and a China rebound, or the company could tie up with another player to share capex spending, Morgan Stanley said.
More than 8.8 million shares changed hands in less than an hour of trade, compared with 30-day average volume of around 20.4 million shares.
The stock was among the top per cent losers on the NSE index.
On Friday, the stock closed at Rs 91.25, down 3.65 () on the NSE. On the BSE, it closed at Rs 181.65, down Rs 7.55 (-3.99%).
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