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Shares of Tata Motors fell as much as 3.3 per cent to a one-week low of Rs 188.9 as Jaguar Land Rover total retail sales fell 4.6 per cent in October. JLR sales fell 49 per cent in China and declined 13.5 per cent in Europe in October.
“We factor in a 7 per cent decline in overall JLR volumes in FY19 ... JLR will have a tough Q3 as well due to inventory corrections” - Nomura said in a note on November 9. Nomura has kept the price target at Rs 260, and given a “buy” rating.
Tata Motors was among the top percentage losers on the NSE index; the stock had fallen nearly 55 per cent this year as of last close.
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