Tata Motors shares slumped over 6 per cent on Thursday after China halted trading for the second day in a week, triggering worries over the health of the world’s largest economy. China is a key market for Tata Motors Jaguar Land Rover (JLR). According to Reuters, Tata Motors generates about 29 per cent of its revenue from China.
Shares of Tata Motors closed 6.15 per cent down at Rs 343.20. BSE Sensex ended 554.50 points down at 24,851.83. NSE Nifty on the other hand plunged 172.70 down at 7,568.30.
At 12.26 pm, Tata Motors shares were trading 4.95 per cent down at Rs 347.60. The scrip opened at Rs 356.50 and has touched a high and low of Rs 359.85 and Rs 345.30, respectively, in trade so far.
So far, around 11.43 lakh shares of Tata Motors exchanged hands on the BSE as compared with two-week average daily volume of 4.30 lakh shares.
The promoters holding in the company stood at 33.01 per cent while Institutions and Non-Institutions held 39.16% and 27.83 per cent respectively.
China’s stock markets on Thursday experienced shortest trading day in its history as shares tumbled over seven per cent within the first 30 minutes of trading, triggering an automatic “circuit breaker”, as the Chinese currency slid to its weakest point since 2011.