Moneycontrol Bureau
Shares of Tata Motors declined 1.7 percent intraday Friday following sluggish retail sales reported by Jaguar Land Rover (JLR) in February.
Jaguar Land Rover, the UK-based premium luxury vehicles manufacturer and subsidiary of Tata Motors, retailed 28,689 vehicles in the month of February, down 5.9 percent compared to 30,487 vehicles sold in February 2014.
"This expected change in sales is largely due to the run out of the Land Rover Freelander model and the company’s product launch plans, which will see the introduction of new models in the coming months," says the company.
Land Rover delivered 24,185 vehicles in February, down 7.65 percent and Jaguar retailed 4,504 vehicles, down 15 percent compared to same period last year.
"With sales underway for the Discovery Sport and soon to begin for the Jaguar XE, we are excited to see the success of ever-evolving product portfolio," says Andy Goss, group sales operations director.
At 15:21 hours IST, the scrip of Tata Motors was quoting at Rs 556.60, down Rs 7.45, or 1.32 percent on the BSE.
Posted by Sunil Shankar Matkar
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