April 16, 2018 / 5:43 AM / 9 months ago

BUZZ-India's Tata Motors falls; JLR to cut jobs amid lower sales

** Shares of Tata Motors Ltd drop as much as 3.5 pct to 344.70 rupees, their biggest intraday pct loss since March 16

** Britain’s biggest carmaker Jaguar Land Rover will cut around 1,000 jobs and production at two of its English factories due to fall in sales caused by uncertainty around Brexit and confusion over diesel policy, a source told Reuters

** “Stock may react negatively to this announcement, we don’t see it as a new negative development” - Macquarie

** Car demand in the UK and Europe is facing multiple headwinds and these cost reduction initiatives are the co’s response - Macquarie

** Macquarie retains ‘outperform’ rating, says market is ascribing nearly zero value to the JLR business at the current stock price

** As of Friday’s close, stock down 21.2 pct in the last 12 months

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