Tata Motors scrip down over 4% on China's fuel norms
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Tata Motors scrip down over 4% on China's fuel norms

Last Updated: Thursday, March 21, 2013, 19:51
 
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Tata Motors scrip down over 4% on China's fuel norms
Mumbai: Shares of Tata Motors on Thursday dropped over 4 percent as investor sentiment turned sluggish amid reports that fuel efficiency guidelines issued by China may impact sales of the company's JLR cars.

In 2012, China emerged as Jaguar Land Rover's largest market delivering its best ever sales performance at 71,940 units, a tad above 20 percent of its overall global sales.

After making a weak opening and falling 5.6 percent during the day, the stock finally ended at Rs 273.75, down 4.22 percent on the BSE.

At NSE, the scrip closed 4.24 percent lower at Rs 273.55.

As per media reports, China has imposed stringent fuel economy norms to reduce passenger cars' average fuel consumption.

Tata Motors-owned JLR reported 3 percent increase in global sales at 26,855 units in February, from the same month last year.

In China, sales were down by 22 percent reflecting the Chinese New Year falling in February this year, as against in January last year.

Meanwhile, weakness also prevailed in other auto stocks where Bajaj Auto was down 4.61 percent, Maruti Suzuki (2.45 percent) and Hero MotoCorp (1.81 percent).

Led by the losses in these blue-chip scrips, the BSE auto index ended 10,114.98, down 2.23 percent.

PTI



First Published: Thursday, March 21, 2013, 19:49


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