JLR's retail sales in the US fell 14.8 percent in August to 5,673 units compared to same month last year while there was a big drop in Jaguar cars sales, down 31.3 percent to 1,184 units.
Shares of Tata Motors erased all its previous day's gains on Thursday, down 1.9 percent intraday after reporting sharp decline in US retail sales numbers by its subsidiary Jaguar Land Rover in August. However, in previous session, the stock had gained 1.2 percent as brokerages upgraded the stock on account of strong JLR launches in coming years and likely recovery in commercial vehicle space.
JLR's retail sales in the US fell 14.8 percent in August to 5,673 units compared to same month last year while there was a big drop in Jaguar cars sales, down 31.3 percent to 1,184 units. The luxury car maker sold 4,489 units of Land Rover SUVs in the month gone by, down 9.1 percent from a year ago period.
In fact, the company not only disappointed on JLR front, but also in domestic business (majorly commercial vehicle). Total sales, which announced on September 1, fell 18 percent year-on-year to 40,883 units in August due to weak domestic as well as exports sales.
Domestic sales declined 19 percent to 36,403 units and exports slipped 8 percent to 4,480 units compared to corresponding month of previous year. However, only medium and heavy commercial vehicle segment reported a growth in August, which grew by 11 percent to 9,141 units.
At 12:09 hours IST, the stock was quoting at Rs 514.15, down Rs 8.50, or 1.63 percent on the BSE.
Posted by Sunil Shankar Matkar
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