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Tata Motors share price slips after JLR sales fall 24% in June

Share price of Tata Motors slipped 1.26% to Rs 105.65 against previous close of Rs 107 on BSE. Tata Motors share has lost 29.66% in one year and lost 42.46% since the beginning of this year

twitter-logoBusinessToday.In | July 10, 2020 | Updated 11:59 IST
Tata Motors share price slips after JLR sales falls 24% in June

Tata Motors share price slipped in early trade today after the automaker said retail sales of Jaguar Land Rover (JLR) for the quarter ended June were affected by Covid-19 due to the unprecedented market conditions, but improved month-on-month through the quarter.

Share price of Tata Motors slipped 1.26% to Rs 105.65 against previous close of Rs 107 on BSE. Tata Motors share has lost 29.66% in one year and lost 42.46% since the beginning of this year. Total 20.95 lakh shares changed hands amounting to turnover of Rs 22.51 crore.

The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

The share hit 52-week high of Rs 201.80 on January 15, 2020 and 52 week low of Rs 63.60  on March 24,2020. JLR's June retail sales stood at 35,334 vehicles, down 24.9 per cent year-on-year. However, on a month-on-month basis, sales signalled an improving monthly trend within the overall quarter, with total sales of 74,067, which was down 42.4 per cent year-on-year.

"Strict lockdowns and social distancing measures for Covid-19 resulted in temporary shutdowns of most retailers and the company's manufacturing plants in April and much of May," Tata Motors said in an exchange filing on JLR unit.

Tata Motors said more than 95 per cent of JLR's retailers worldwide are now open or partially open, and all of the company's plants have resumed manufacturing, with the exception of the Castle Bromwich facility which will gradually restart in August. All plants are operating on single shifts with social distancing measures in place and production ramping up as demand grows, it added.

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