OPEN APP
Home / Companies / News /  Tata Motors’ JLR unit says it will be business as usual as shares plunge 7.99%

Mumbai: Jaguar Land Rover Automotive Plc, the UK subsidiary of Tata Motors Ltd, said on Friday that it doesn’t see it’s operations or investment commitment getting impacted because of UK exiting the European Union.

Tata Motors shares fell as much as 13%, their steepest fall since 4 September 2009, to 425 per share in intraday trade. The scrip closed 7.99% lower at 449 apiece, while the Sensex fell 2.24%, or 604.51 points, lower at 26,397.71.

“For Jaguar Land Rover, today is just business as usual. We are a British business with a strong manufacturing base in this country, we call Britain home and we remain committed to all our manufacturing sites and investment decisions, “ it said.

The company said it respects the views of the British people and in line with all other businesses, Jaguar Land Rover will manage the long-term impact and implications of this decision. “Nothing will change for us, or the automotive industry, overnight," said JLR.

Also Read: UK’s EU membership referendum in favour of Brexit

It further added that Europe is a key strategic market for its business, comprising 20% of global sales, and the company remains absolutely committed to its customers in the EU.

“There will be a significant negotiating period, and we look forward to understanding more about that as details emerge. We look forward to working with the British Government and the automotive sector to ensure that the UK’s automotive industry remains as competitive as ever, and that negotiations between the UK Government and the EU will continue to recognise the importance of car manufacturing to the UK and European economies, “ it said.

In intraday trade, BSE Auto index fell 6.07%, its steepest fall since 24 August 2015, to touch a low of 18,497.15—a level last seen on 26 May. The index closed 2.63% lower at 19,176.16 points.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout