Analysts bet on TaMo's India biz as JLR Q2 sales disappoint; stock dips 5%

Following the development, global brokerage JP Morgan downgraded the stock from 'overweight' to 'neutral' with a September 2023 price target of Rs 455.

Shares of Tata Motors (TaMo) dipped nearly 5 per cent at the bourses on Monday in intraday trade to hit a low of Rs 393.70 on the BSE, after the company's subsidiary – Jaguar Land Rover (JLR) – reported lower-than-expected wholesale numbers for the second quarter of the current fiscal (FY23) at 75,307 units.

JLR's retail sales for the recently concluded quarter, meanwhile, came in at 88,121 units, an increase of 9,296 units, or 11.8 per cent higher when compared with the June 2022 quarter. Year-on-year (YoY), the retail sales are, however, 4.9 per cent lower.

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