Tata Motors slips nearly 5% after JLR announces to shut UK units after Brexit

Tata Motors

Shares of Tata Motors slipped nearly 5 percent intraday on September 27 as its UK arm is going to suspend production for a week.

British carmaker Jaguar Land Rover (JLR) said on September 27 it would suspend production for a week after the planned Brexit date of October 31 as a ‘prudent’ measure.

Both BMW and Toyota have said that they will not build cars at their British factories on the day after Brexit, November 1, according to local press reports. BMW will also close its units in Britain on October 31.

“Jaguar Land Rover confirms that it will be suspending production at all UK manufacturing plants for one week commencing 4 November 2019,” a company statement said.

At 13:36 hrs, Tata Motors was quoting at Rs 121.10, down Rs 3.40, or 2.73 percent on the BSE.

News Source: moneycontrol

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