Comments
Stocks of Tata Motors dropped over 3.5 per cent 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 the Bombay Stock Exchange (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 the National Stock Exchange (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 on 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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.