Tata Motors shares fall 4% after JLR’s job-cut plan

Shares of Tata Motors fell more than 4 % in morning trade after Jaguar Land Rover said it is planning to cut jobs to scale back production at some of its UK sites.

Tata Motors-owned Jaguar Land Rover (JLR) on April 13 said it is planning to cut jobs as it scales back production at some of its UK sites amid what it termed as “headwinds” impacting the automotive industry.

Shares of Tata Motorsopened at ₹ 351.50, then fell to an intra-day low of ₹ 341.90, down 4.13 % over its previous closing price on BSE.

On NSE, the stock opened at ₹350.80, then fell to an intra-day low of ₹ 340.70, down 4.57 % over its last close.

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.

The luxury carmaker said the “review” of its production schedules is being undertaken to ensure market demand is balanced globally .

“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.

Tata Motors