Tata Motors shares fall on Jaguar Land Rover decision to lay off employees

Shares of Tata Motors fell 3 per cent Friday after the company-owned Jaguar Land Rover said it is undertaking adjustment of vehicle production at its plant at Wolverhampton, England, as a result of which 250 temporary jobs will be affected.

The stock went down 3.02 per cent to end at Rs 171.95 on BSE. During the day, it declined 3.83 per cent to Rs 170.50.

The scrip was the worst hit among the 30-blue chips.

At NSE, shares of the company slipped 2.99 per cent to close at Rs 171.95.

The company further said it will undertake a two-week production pause at the plant in December and has asked 500 workers to stay at home although they would continue to draw salaries during the period.

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Terming the external environment as challenging, the company said it is taking decisive actions to achieve the necessary operational efficiencies to safeguard long-term success.