Tata Motors slips after reports it plans to import JLR luxury electric cars

Tata Motors dipped nearly 1.90 per cent on BSE on Friday (April 19, 2024) a day after Reuters reported that the automobile firm has plans to import its Jaguar Land Rover (JLR) luxury electric cars under a new government policy.

The stock that began its journey at Rs 965.00 dipped to the day's low of Rs 953.00, a 1.89 per cent slide from previous close of Rs 971.40. 

The stock was trading lower by 1.79 per cent, or Rs 17.40, at Rs 954.00. 

Quoting government sources, the Reuters report says that Tata Motors' plans to import its JLR luxury electric cars lowers import taxes for companies agreeing to set up local manufacturing.

Tata Motors' plan if realised would make it the first local carmaker to opt for the policy designed to increase use of electric vehicles (EVs), the report said.