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Tata Motors shares fell 5% due to a disappointing sales record of Jaguar Land Rover. The automaker, one of the largest in the country, blamed the failure on a lower-than-expected supply of specialized chips from one supplier
Tata Motors shares fell 5% due to a disappointing sales record of Jaguar Land Rover. The automaker, one of the largest in the country, blamed the failure on a lower-than-expected supply of specialized chips from one supplier.
Tata Motors announced late Friday that its Jaguar Land Rover wholesale volumes - excluding its joint venture in China - were 75,307 for the second quarter, compared to its August forecast of around 90,000.
After the automaker reported lower-than-expected wholesale volumes for its Jaguar Land Rover business, which prompted brokerage J.P. Morgan to downgrade the stock over the weekend, shares of India's Tata Motors Ltd fell as much as 4.6% on Monday.
The automaker, one of the largest in the country, blamed the failure on a lower-than-expected supply of specialized chips from one supplier.
However, it stated that new agreements with semiconductor suppliers would result in increased sales in the second half of the fiscal year.
"We would need more clarity on the rate of production recovery at Jaguar Land Rover to turn constructive on the stock," wrote J.P. Morgan analyst Amyn Pirani in a note, lowering Tata Motors from "overweight" to "neutral."
The firm also reduced its price estimate from 525 Indian rupees to 455 Indian rupees ($5.52). On Monday, shares were down 3.8% to 396.4 Indian rupees.
According to Refinitiv, the current average rating among 30 analysts covering the stock is "buy," with a median price objective of 530 Indian rupees.
($1 = 82.3680 Indian rupees)
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