Tata Motors stock slips 3% as China imposes steps to curb COVID-19 outbreak

Shares of Tata Motors fell over 3 per cent today as China imposed strict measures to curb the rising cases of COVID-19 in Shanghai and Shenzen, country's two biggest cities. China is the second-largest market for Tata Motors' UK arm Jaguar Land Rover (JLR).

Tata Motors stock touched an intraday low of Rs 404, down 3.38% against the previous close of  Rs 418.15 on BSE. The share opened at Rs 418.80.

Tata Motors stock is trading higher than 5 day and 200 day moving averages but lower than 20 day, 50 day and 100 day moving averages. The share has gained 28.85 per cent in one year and lost 15.2 per cent since the beginning of this year.

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Market cap of the firm fell to Rs 1.35 lakh crore on BSE. Total 12.20 lakh shares changed hands amounting to a turnover of Rs 49.87 crore. The share hit a 52-week high of Rs 536.50 on November 17, 2021 and a 52-week low of Rs 268.50 on August 24, 2021.

China accounts for almost a quarter of JLR's global sales, which in turn accounts for almost 73 per cent of Tata Motor's annual turnover of around $41 billion.

Shenzhen will seal all communities, villages and suspend bus and metro services from Monday to Sunday due to the latest Covid-19 outbreak, state-run China Daily reported on Sunday.

After topping 1,000 new cases for two days in a row, new locally transmitted cases in China surged to more than 3,100, the National Health Commission reported on Sunday. This is the highest in two years.

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