New Delhi: Shares of Tata Motors on Monday settled nearly 5% down on Jaguar Land Rover’s (JLR) job cut plans to scale back production at some of its UK sites.
Company’s scrip opened at Rs351.50, then fell to an intra-day low of Rs337.90 and finally settled for the day at Rs338.95, down 4.96% over its previous close. On NSE, the stock had fallen to an intra-day low of Rs337.55, then recovered some lost ground and finally settled at Rs340, down 4.78%.
Following the trend, the market capitalisation of the company fell by Rs5,110.62 crore to Rs97,866.68 crore at the end of Monday’s trade. Tata Motors-owned JLR on 13 April said it is planning to cut jobs as it scales back production at some of its UK sites amid “headwinds" impacting the automotive industry.
While JLR is yet to confirm the exact number of jobs to be lost, some reports indicate that around 1,000 temporary workers are likely to be hit. “In light of the continuing headwinds impacting the car industry, we are making some adjustments to our production schedules and the level of agency staff," a JLR statement had said.