Shares of Tata Motors ended 2 per cent lower today after the company-owned Jaguar Land Rover warned the British government that a "bad" Brexit deal could jeopardise its investment plans and may even force it to exit from the UK.
The stock went down by 2.06 per cent to settle at Rs 261.50 on BSE. During the day, it tanked 5.41 per cent to Rs 252.55 -- its 52-week low.
At NSE, shares of the company dropped 2 per cent to end at Rs 261.55.
The company's market valuation fell by Rs 1,587.83 crore to Rs 75,504.17 crore.
In terms of equity volume, 14.64 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.
Jaguar Land Rover has warned the British government that a "bad" Brexit deal could jeopardise the country's biggest carmaker's investment plans, cost it over 1.2 billion pounds annually and may even force it to close down plants and exit from the UK.
"A bad Brexit deal would cost Jaguar Land Rover (JLR) more than 1.2 billion pounds profit each year. As a result, we would have to drastically adjust our spending profile," JLR CEO Ralf Speth said in a statement yesterday.
JLR is the UK's largest carmaker, which has witnessed a complete turnaround in its fortunes since Tata Motors acquired the traditional British brands from Ford 10 years ago.
Meanwhile, Tata Motors' chief financial officer P B Balaji said Jaguar Land Rover and Tata Motors have always maintained that the uncertainties from Brexit are avoidable and the business seeks clarity to ensure that industry takes timely and right decisions to manage the transition.
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