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Tata Motors shares drop on weak Land Rover US sales

NEW DELHI: Shares of Tata Motors fell as much as 1.9 per cen..

NEW DELHI: Shares of Tata Motors fell as much as 1.9 per cent to Rs 425.75 apiece in the morning trade on Thursday after Jaguar Land Rover reported weak US sales in December.

The stock was the top percentage loser on the NSE index, dragging it down by 2.4 index points. Jaguar Land Rover's (JLR) US sales dropped 9 per cent to 11,394 units in December, the company said on Wednesday.

Commenting on it, brokerage Nomura said in a note that the fall in US sales was below the expectations. It further said that JLR's earnings could be hurt if any import taxes are imposed in the United States.

27 of 39 brokerages rate the stock "buy" or higher, nine "hold" and the rest as "sell" or lower, whereas their median target price is Rs 500, reports Reuters.

At 10.45 am, shares of the company were trading at Rs 430 apiece, down 0.69 per cent on BSE.

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