Tatamotors scrip fell more than 4 percent 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 Motors today opened at Rs 351.50, then
fell to an intra-day low of Rs 341.90, down 4.13 percent over its
previous closing price on BSE.
On NSE, the stock opened at Rs 350.80, then fell to an intra-day low of Rs 340.70, down 4.57 percent 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 and that it will lay out its 2018-19 production plans
to the workforce on Monday.
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