Tata Motors Passenger Vehicles shares fall 4% after muted Q3 JLR updates

Shares of Tata Motors Passenger Vehicles Ltd (TMPV) tumbled nearly 4 per cent during the trading session on Tuesday after the company announced a weak set of numbers by its wholly-owned subsidiary JLR for the December 2025 quarter (Q3FY26), impacted by cyber incidents and US tariffs.

According to the exchange filing, JLR's wholesale numbers dropped 43.3 per cent on a year-on-year (YoY) basis to 59,200 units for the three-months ended on December 31, 2025. Retail sales came in at 79,600 units for the reported quarter, falling 25.1 per cent YoY. Production returned to normal levels only by mid-November post the cyber incident, said the company.

TMPV said that due to cyber attack and the time required to distribute vehicles globally once produced , wholesale and retail volumes reduced on a quarter-on-quarter (QoQ) and year-on-year basis. In addition , the planned wind down of legacy Jaguar models ahead of the launch of new Jaguar, and incremental US tariffs impacting JLR’s US exports, continued to impact volumes.

Following the weak Q3 updates, shares of Tata Motors Passenger Vehicles tumbled 3.55 per cent to Rs 360.25 on Tuesday, with its total market capitalization slipping to Rs 1.3 lakh crore. The stock had settled at Rs 373.50 on Monday. It is down 28 per cent from its 52-week high at Rs 500.55 hit a year ago.

Compared to the prior year, wholesale volumes for the third quarter were down in all markets comprising the UK which was down 0.9 per cent, North America down 64.4 per cent, Europe down 47.6 per cent, China down 46 per cent, MENA down 8.5 per cent and overseas down 50.4 per cent, said the exchange filing.

The overall mix of Range Rover, Range Rover Sport and Defender models was 74.3 per cent of total wholesale volumes in Q3FY26, up from 70.3 per cent in Q3FY25 and down from 76.7 per cent in the prior quarter (Q2FY26). Wholesale volumes for the financial year to date were 212,600, down 26.6 per cent YoY, it added.

Tata Motors Passenger Vehicles, the PV business of Tata Motors, began trading as a standalone entity on October 14, 2025, following the company's demerger, with its shares valued around Rs 400 post-record date adjustments. On the other hand, the commercial vehicles entity, Tata Motors Ltd (TMCV) was listed separately on November 12, 2025.