 "About 5,800 JLR vehicles damaged at China's port blast: Tata Motors")
The blast at China's Tianjin last week that killed several dozens and charred scores of automobiles parked at the port also damaged about 5,800 Jaguar Land Rover (JLR) vehicles, its parent Tata Motors announced on Friday.
"Tianjin Port is one of three major locations in China through which JLR imports vehicles. At the time of the explosion, about 5,800 vehicles that had recently been shipped to China were stored at various locations in Tianjin,” said a release.
The stock slumped 3.54 per cent on the BSE and was trading at an 18-month low at Rs 331.20, pulling down the market cap below Rs 100,000 crore. The company said it has not been to assess the extent of the damage as entry into the port remains out of bounds.
"Access to facilities near the site of the explosion remains restricted and so whilst we believe many of these vehicles may have been damaged, we are presently unable to quantify the numbers of units affected,” the company added.
Meanwhile, four new fires broke out close to the site where two massive explosions in a warehouse storing dangerous chemicals killed 114 people last week, the official Xinhua news agency said on Friday. Xinhua said one of the "ignition points" came from within an automobile distribution area near the blast site and the other three were within the central blast area.
China is conducting an investigation into what caused the two huge explosions at the warehouse storing volatile chemicals at a busy port in northeast China. The warehouse, designed to house dangerous and toxic chemicals, was storing mainly ammonium nitrate, potassium nitrate and calcium carbide at the time of the blasts, according to police. “We will continue to monitor the situation and work to minimise the impact on our customers and the business,” Tata Motors added.
"Tianjin Port is one of three major locations in China through which JLR imports vehicles. At the time of the explosion, about 5,800 vehicles that had recently been shipped to China were stored at various locations in Tianjin,” said a release.
The stock slumped 3.54 per cent on the BSE and was trading at an 18-month low at Rs 331.20, pulling down the market cap below Rs 100,000 crore. The company said it has not been to assess the extent of the damage as entry into the port remains out of bounds.
"Access to facilities near the site of the explosion remains restricted and so whilst we believe many of these vehicles may have been damaged, we are presently unable to quantify the numbers of units affected,” the company added.
Meanwhile, four new fires broke out close to the site where two massive explosions in a warehouse storing dangerous chemicals killed 114 people last week, the official Xinhua news agency said on Friday. Xinhua said one of the "ignition points" came from within an automobile distribution area near the blast site and the other three were within the central blast area.
China is conducting an investigation into what caused the two huge explosions at the warehouse storing volatile chemicals at a busy port in northeast China. The warehouse, designed to house dangerous and toxic chemicals, was storing mainly ammonium nitrate, potassium nitrate and calcium carbide at the time of the blasts, according to police. “We will continue to monitor the situation and work to minimise the impact on our customers and the business,” Tata Motors added.