Tata Motors settles 5% down; M-cap falls by Rs 5,110 cr
New Delhi: Shares of Tata Motors today settled nearly 5 per cent down on JLR's job cut plans to scale back production at some of its UK sites.
Company's scrip opened at Rs 351.50, then fell to an intra-day low of Rs 337.90 and finally settled for the day at Rs 338.95, down 4.96 per cent over its previous close.
On NSE, the stock had fallen to an intra-day low of Rs 337.55, then recovered some lost ground and finally settled at Rs 340, down 4.78 per cent.
Following the trend, the market capitalisation of the company fell by Rs 5,110.62 crore to Rs 97,866.68 crore at the end of today's trade.
Tata Motors-owned Jaguar Land Rover (JLR) on April 13 said it is planning to cut jobs as it scales back production at some of its UK sites amid "headwinds" impacting the automotive industry.
While JLR is yet to confirm the exact number of jobs to be lost, some reports indicate that around 1,000 temporary workers are likely to be hit.
"In light of the continuing headwinds impacting the car industry, we are making some adjustments to our production schedules and the level of agency staff," a JLR statement had said.