Tata Motors shares fall 3.5% , m-cap drops by ₹ 2,526 crore

New Delhi: Shares of Tata Motors fell by 3.5% on Tuesday on panic selling after its unit Jaguar Land Rover said it would cut production at a UK car plant.

The scrip declined by 3.36% to end at ₹ 251.45 on the BSE. During the day, it lost 3.65% to ₹ 250.70. On the NSE, shares of the company fell by 3.45% to close at ₹ 251.25.

The company’s market valuation declined by ₹ 2,525.62 crore to ₹ 72,602.38 crore on the BSE.

In terms of equity volume, 10.38 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE during the day. Tata Motors-owned Jaguar Land Rover (JLR) on Monday confirmed a cut in its production schedule at the Castle Bromwich plant manufacturing Jaguar cars in the West Midlands region of England due to “continuing headwinds” impacting the British car industry.

“As is standard business practice, Jaguar Land Rover regularly reviews its production schedules to ensure market demand is balanced globally,” JLR said in a statement.

“In light of the continuing headwinds impacting the car industry, we are making some temporary adjustments to our production schedules at Castle Bromwich,” it noted.