Tata Motors Shares Fall As Jaguar Land Rover Sales Decline In June

Shares of Tata Motors, the parent of luxury carmaker Jaguar Land Rover, fell as much as 4.2 per cent on the BSE to Rs 149.15 after Jaguar Land Rover sales declined in June. On the National Stock Exchange, Tata Motors share price dropped as much as 4.3 per cent to Rs 149.10 from previous close of Rs 155.80. In the first quarter of current financial year (April-June period), Jaguar Land Rover sales dropped 11.6 per cent to 1,28,615 units.

Jaguar Land Rover retail sales in June 2019 were 47,060 vehicles, down 9.6 per cent compared to June 2018, Jaguar Land Rover said in a press release.

Retail sales were up 4.6 per cent in the UK but down 9 per cent in North America, European sales declined 11.7 per cent, China sales fell 12.3 per cent and in overseas markets sales fell 18.6 per cent, reflecting generally weaker industry conditions, Jaguar Land Rover said.

Retail sales of the all-electric I-PACE and the new Range Rover Evoque grew, while other models were impacted by the weaker general market conditions. Discovery Sport sales also reflected anticipation of the launch of the new refreshed model.

Jaguar retail sales in June 2019 were 14,933 vehicles, down 8.5 per cent year-on-year and Land Rover retailed 32,127 vehicles, down 10.1 per cent compared to June 2019, Jaguar Land Rover added.

Felix Brautigam, Rover chief commercial officer, said: "While challenging conditions continue to impact other regions, we were pleased to see sales return to growth in the UK, where we are outperforming the market aided by higher sales of the new Range Rover Evoque, Land Rover Discovery, Jaguar I-PACE and the new Jaguar XE."

As of 3:21 pm, Tata Motors share price fell 3.27 per cent to Rs 150.70, underperforming the Nifty which was down 0.55 per cent.