- Saturday, May 04, 2024
By: Shubham Ghosh
Shares of Indian car-maker Tata Motors Ltd plummeted as much as 4.6 per cent on Monday (10) after its Jaguar Land Rover (JLR) business wholesale volumes slumped below expectations, asking top brokerages to slash price targets and also warn of a slowdown next year.
On Friday (8), Tata Motors said JLR wholesale volumes — except its joint venture in China — were 75,307 for the second quarter, while it had in August, projected wholesale volumes to be around 90,000.
The auto major, one of the biggest in India, blamed below-expectation supply of specialised chips from one supplier for the failure to meet target.
However, it said fresh deals with semiconductor suppliers would cause improved sales in the fiscal year’s second half.
