New Delhi: Shares of Tata Motors fell more than 4 per cent in morning trade after Jaguar Land Rover said it is planning to cut jobs to scale back production at some of its UK sites.
Tata Motors-owned Jaguar Land Rover (JLR) on April 13 said it is planning to cut jobs as it scales back production at some of its UK sites amid what it termed as "headwinds" impacting the automotive industry.
Shares of Tata Motors on Monday opened at Rs 351.50, then fell to an intra-day low of Rs 341.90, down 4.13 per cent over its previous closing price on BSE. On NSE, the stock opened at Rs 350.80, then fell to an intra-day low of Rs 340.70, down 4.57 per cent over its last close.
While JLR is yet to confirm the exact number of jobs to be lost, some reports indicate that around 1,000 temporary workers are likely to be hit.
The luxury carmaker said the "review" of its production schedules is being undertaken to ensure market demand is balanced globally and that it will lay out its 2018-19 production plans to the workforce on Monday.
"In light of the continuing headwinds impacting the car industry, we are making some adjustments to our production schedules and the level of agency staff," a JLR statement had said.
