Tata Motors declined 2.72% to Rs 66.10 after S&P Global Ratings downgraded the credit rating of the company.
Tata Motors' long term issuer credit rating (senior unsecured notes) was downgraded to B/Stable from B+/Negative.Jaguar Land Rover Automotive Plc's long term issuer credit rating (senior unsecured notes) was downgraded to B/Negative from B+/Negative.
The ratings factored weaker than expected credit matrix owing to the disruptions and economic impact from the COVID-19 outbreak.
Tata Motors' consolidated net profit surged 106.4% to Rs 1,738.30 crore on a 6.8% decline in net sales to Rs 71,051.42 crore in Q3 December 2019 over Q3 December 2018.
Tata Motors is a leading global automobile manufacturing company. Its diverse portfolio includes an extensive range of cars, sports utility vehicles, trucks, buses and defense vehicles.
Jaguar Land Rover is a British premium automaker headquartered in United Kingdom, and has been a wholly owned subsidiary of Tata Motors since June 2008.
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