India's Tata Motors shares slump on JLR margin warning
MUMBAI Jan 24 (Reuters) - Shares in Tata Motors Ltd slumped 8.4 percent in pre-open trade on Thursday after the Indian automaker said its unit Jaguar Land Rover (JLR) was likely to report lower EBTIDA margin in the October-December quarter.
Tata Motors said the lower margins would come due to foreign exchange fluctuations and a higher mix of Evoque sales, according to a statement late on Wednesday. (Reporting by Rafael Nam; Editing by Anand Basu)
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The Nifty rose to a record high, and the benchmark BSE Sensex hit its record for a second consecutive session, as foreign investors bet big in a country that just months ago was gripped by market turmoil. Full Article