Tata Motors shares down over 2% in trade
Mumbai: Shares of Tata Motors Wednesday fell by over 2 percent in morning trade as its unit Jaguar Land Rover reported lower-than-expected three percent increase in global sales in February.
Despite a positive opening, the stock failed to carry forward the momentum and fell by 2.28 percent to Rs 297.35 on the BSE.
Similarly at the National Stock Exchange (NSE), the stock was down by 2.52 percent to Rs 297.
Tata Motors-owned Jaguar Land Rover yesterday reported 3 percent increase in global sales at 26,855 units in February from the same month last year.
"February sales were up in almost every major market: 20 percent in Asia Pacific, 20 percent in North America, 15 percent in the UK, and 6 percent in Europe," the company has said in a statement.
In China, sales were down by 22 percent reflecting the Chinese New Year falling in February this year and January last year, it added.
"JLR posted lower-than-expected retail volumes for February 2013 primarily due to a sharp 22 percent y-o-y decline in volumes in China following festival season in February which resulted in lower working days," Angel Broking said in a report.
In the broader market, the BSE benchmark Sensex was trading at 19,480.96, down 83.96 points at 1050 hrs.