Tata Motors fell 1.32% to Rs 359.05 at 12:55 IST on BSE after the company said that sales of its subsidiary Jaguar Land Rover dropped 7.8% to 83,732 units in March 2018 over March 2017.
The announcement was made during trading hours today, 9 April 2018.Meanwhile, the S&P BSE Sensex was up 145.29 points, or 0.43% to 33,772.26.
On the BSE, 3.58 lakh shares were traded in the counter so far compared with average daily volumes of 8.65 lakh shares in the past two weeks. The stock had hit a high of Rs 368.40 and a low of Rs 357.90 so far during the day. The stock hit a 52-week high of Rs 487 on 26 May 2017. The stock hit a 52-week low of Rs 324.50 on 26 March 2018.
Tata Motors said that sales of its subsidiary Jaguar Land Rover (JLR) fell 7.8% to 83,732 units in March 2018 over March 2017. Jaguar sales dropped 12.7% to 24,300 units. Land Rover sales declined 5.7% to 59,432 units.
Jaguar Land Rover reported retail sales of 614,309 vehicles for the financial year ended 31 March 2018, up 1.7% on the prior year. Retail sales for the financial year were up year-on-year in China (19.9%), North America (4.7%) and in Overseas markets (3.4%) but down in the UK (12.8%) and in Europe (5.3%).
Felix Brautigam, Chief Commercial Officer, Jaguar Land Rover said that weaker market conditions in the UK and Europe, driven by lack of consumer confidence and lower demand for diesel, are impacting growth.
Jaguar Land Rover is the UK's largest automotive manufacturer, built around two iconic British car brands: Land Rover, the world's leading manufacturer of premium allwheel-drive vehicles; and Jaguar, one of the world's premier luxury sports saloon and sports car marques.
Tata Motors' consolidated net profit surged 988.6% to Rs 1214.60 crore on 16% growth in net sales to Rs 74156.07 crore in Q3 December 2017 over Q3 December 2016.
Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, buses, trucks and defence vehicles.
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