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Shares of Indian carmaker Tata Motors Ltd., which owns the luxury SUV brand Jaguar Land Rover, slumped the most in more than two years after the company signaled a cautious sales outlook.
The stock slid as much as 9.5%, the most since Feb. 2022, to 947.2 rupees on Monday, the biggest decliner on the S&P BSE Sensex index. Trading volume was nine times the average for this time of day.
At least four analysts, including those at Goldman Sachs Group Inc. and Morgan Stanley, downgraded their recommendations after the company said it expects sales volumes for its commercial vehicles to be flat or slightly lower for the financial year ending March 2025.
The ongoing elections and the heat wave conditions will likely impact demand for cars in the June quarter, Shailesh Chandra, managing director of the company’s passenger vehicles unit told analysts on Friday.
Jaguar’s order book shrank to 133,000 units as of March 31, from 148,000 units at the end of December, according to the earnings report on Friday.
Goldman Sachs downgraded the stock to neutral from buy and revised its 12-month price target to 1,040 rupees a share from 1,080 rupees earlier. Morgan Stanley cut the stock to equalweight from overweight.
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