Tata Motors falls 2% on JLR vehicle recall

Tata Motors shares fell 2 percent in morning on Thursday after subsidiary JLR recalled some cars due to excessive CO2 emissions.

The stock was quoting at Rs 179.10, down Rs 2.50, or 1.38 percent, on the BSE at 09:26 hours IST.

UK-based luxury car maker Jaguar Land Rover recalled 44,000 cares due to excessive carbon dioxide emissions, reported CNBC-TV18. The report said JLR's 10 models may be emitting more carbon dioxide than certified. Cars manufactured between 2016  and 2019 were recalled.

Meanwhile, JLR's retail sales in February 2019 fell 4.1 percent to 38,288 vehicles YoY, dented by weak customer demand in China.

Retail sales were up significantly in North America (25.4 percent) and UK (11.3 percent) while Europe posted modestly higher growth of 1.1 percent in sales during February.

However, weaker market conditions continued to weigh on sales in China, which posted a decline 47.6 percent YoY, JLR said.

Jaguar retail sales in February increased 5.8 percent year-on-year to 12,235 vehicles, but Land Rover sales dropped 8.1 percent to 26,053 vehicles in February

JLR, which contributed highest in revenue of Tata Motors, has been hitting hard on the stock front as well, which fell 49 percent in last one year.

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Source: Moneycontrol