Tata Motors drags Nifty lower on record loss [Reuters]
Tata Motors Ltd Tata Motors Limited (TTM)
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Source: Reuters
Tata Motors drags Nifty lower on record loss | Reuters 3 Min Read (Reuters) - Indian shares weakened on Friday, pulled down by Tata Motors Ltd after the automaker posted its worst quarterly loss and trimmed profit margin guidance for its British luxury car unit for the current fiscal year. Tata Motors shares dived as much as 29.5 percent to 129 rupees, their lowest since Feb.8, 2010. Stock posted its biggest intraday fall since July 8, 2003. The automaker has been under pressure due to troubles at its British unit Jaguar Land Rover (JLR), which has been hit hard by U.S.-China trade tensions, low demand for diesel cars in Europe and Brexit worries. After trading hours on Thursday, Tata Motors posted its worst quarterly loss of 269.93 billion rupees ($3.79 billion) due to an impairment charge of $3.9 billion for JLR. The broader NSE Nifty was down 0.6 percent at 11,003.50, as of 0540 GMT, while the benchmark BSE Sensex slipped 0.58 percent to 36,755.82. “We have had a strong run. Nifty
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