New Delhi: Tata Motors share prices dropped over 3.5% Wednesday 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 BSE, the scrip further declined 3.27% to 169.95. At 1.25pm, the stock was trading at 170.50, down 2.96%. On NSE, following the similar trend, the stock touched an intraday low of 92.75, down 3.63% from the previous close.

In a regulatory filing to the stock exchanges Tuesday, Tata Motors said S&P Global Ratings has downgraded the credit rating of the company and JLR 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.