Tata Motors shares dipped nearly 7 per cent on Wednesday after its wholly-owned subsidiary Jaguar Land Rover (JLR) reported 2 per cent fall in US sales in April 2016.
At 12.43 pm, shares of Tata Motors were trading 4.58 per cent down at Rs 390.75. The scrip opened at Rs 406.75 and has touched a high and low of Rs 406.75 and Rs 388, respectively, in trade so far.
Later, the scrip closed 6.76 per cent down at Rs 381.80.
Tata Motors DVR shares settled 6.05 per cent down at Rs 282.
Jaguar Land Rover North America April US sales for both brands hit 6,275 units, a 2 per cent decrease from 6,390 units in April 2015.
However, on a year-to-date basis in 2016, JLR US sales stood at 32,077 units, up 16 per cent from 2015.
Rating agency Fitch on Tuesday affirmed Tata Motors’ long-term foreign currency issuer default rating at a speculative grade ‘BB’ with a stable outlook. The company’s small size in relation to global auto majors and its subsidiary Jaguar Land Rover is a key rating driver. Fitch said the company’s robust passenger vehicle lineup and strong commercial vehicle sales contributed to the profile.