Tata Motors shares tank 8.6% on downgrades

The second consecutive quarter of poor results and lower target prices by brokerages led to an eight per cent fall in Tata Motors stock price to Rs 381. 

The reason for the poor June quarter show was forex losses to the tune of £454 million and lower than anticipated volume support from flagship subsidiary — Jaguar Land Rover (JLR). During the course of Thursday’s trade, the stock hit a 52-week-low of Rs 376. 

Analysts from CIMB, Phillip Capital, Elara Capital and Antique Stock Broking reduced their target price on the stock by 15-18 per cent.