Since February 15 Tata Motors Ltd faced the highest share fell as much as 3.7 per cent to Rs 182.50. On Thursday, the company’s British Luxury car unit, Jaguar Land Rover (JLR) posted a 4.1 per cent fall in retail sales in February, sales in China due to weaker market conditions resulted in fall of shares.
More than 8.8 million shares changed hands in less than an hour of trade, compared with a 30-day average volume of around 20.4 million shares.
Regulatory file exchange said that retail sales were up significantly in North America (25.4%), UK (11 .3%) and modestly higher in Europe (1.1 %) but weaker market conditions continued to weigh on sales in China (down 47.6%)
Felix Brautigam, Jaguar Land Rover Chief Commercial Officer, said, “In the face of ongoing macro-economic challenges being felt by the automotive industry, particularly in China, our strong sales growth in North America, UK, and Europe reflect continued demand for our exciting product line-up and two strong brands.”
He added, “Encouragingly, all three regions posted sales growth against an industry decline. In North America, high customer demand even resulted in the region’s best-ever February sales numbers.” On the national stock exchange, the stock was among top percentage losers.
Read EquityPandit’s Technical Analysis Of Nifty Auto