Outlook worsens for Tata Motors: Morgan Stanley

Investment bank says Tata's Jaguar Land Rover's product cycle is entering a "slow phase," while India's medium and heavy commercial vehicle cycle is "weak", and the environment for luxury cars is becoming "more competitive."

Morgan Stanley adds that although volumes are "holding up well" in the key China market, its survey shows the "underlying trend in terms of discounts, inventory, and customer traffic is deteriorating."

Tata Motors shares last up 0.9% at Rs 242.15.