(Reuters) - Shares of Indian automaker Tata Motors Ltd’s fell on Friday after its British unit Jaguar Land Rover said it is going to cut 500 jobs temporarily at its plant in central England.
Shares fell as much as 3.9 percent to 170.35 rupees, their lowest level since Oct. 29, in early trading session. More than 3.9 million shares changed hands by 0411 GMT, compared to the 30-day average of 15.8 million shares.
The Engine Manufacturing Centre in Wolverhampton, central England will take a temporary pause in production, in response to adjustments in vehicle production schedules, Britain’s biggest carmaker Jaguar Land Rover said on Thursday.
The carmaker said the “external environment remains challenging” and the company is taking decisive actions to achieve the necessary operational efficiencies to safeguard long-term success.
Maintenance and salaried staff will continue as normal, the company said, adding that those affected will continue to receive full pay for the period.
Tata Motors stock was the biggest percentage loser on the indexes and posted its biggest daily fall since Nov 13.
Stock has lost nearly 59 percent this year, as of last close on Thursday.
Reporting by Krishna V Kurup in Bengaluru; Editing by Rashmi Aich