The reason behind the rating downgrade is the weakening of financial profile at Jaguar Land Rover business.
Shares of Tata Motors touched a 52-week low of Rs 121.85, down 1.5 percent intraday on August 6 after ICRA downgraded the auotmaker's rating, citing weakening of the financial profile of its British luxury car unit Jaguar Land Rover.
The credit rating agency downgraded Tata Motor's long term loans, long-term fund-based facilities and non-convertible debenture programme to AA- from AA, with outlook remaining negative.
However, the agency reaffirmed the rating as A1+ on commercial paper programme and short-term programme.
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