Tata Motors shares fall for 2nd consecutive session as JLR extends production halt

Shares of Tata Motors fell by over a per cent to their day’s low of Rs 705 on the NSE after its British subsidiary Jaguar Land Rover announced an extension of the current pause in production until Wednesday, September 24. With today’s fall, the stock price is down for a second session in a row.

“We have taken this decision as our forensic investigation of the cyber incident continues, and as we consider the different stages of the controlled restart of our global operations, which will take time. We are very sorry for the continued disruption this incident is causing, and we will continue to update as the investigation progresses,” JLR’s official website read.

JLR did not disclose the details on what kind of data was affected but said it had informed relevant authorities.”Our forensic investigation continues at pace and we will contact anyone as appropriate if we find that their data has been impacted,” the company said

The British carmaker last week shut down its systems to mitigate the breach’s impact. Furthermore, the company has not provided a definitive timeline for full operational recovery.

Tata Motors reported a 63% decline in its Q1 consolidated net profit to Rs 3,924 crore, compared to Rs 10,514 crore in the year-ago period. The company’s total revenue from operations stood at Rs 1.04 lakh crore, down 0.3% from Rs 1.07 lakh crore reported in the corresponding quarter of the previous financial year.

Also read: India’s most hated stocks now contra bets for Rs 75 lakh crore mutual fund industry. Here’s whyThe company said the demand environment is expected to remain challenging, and Tata Motors will focus on strengthening business fundamentals while mitigating tariff impacts through brand leverage, an improved product mix, and targeted actions to enhance contribution margins.At about 2:30 pm, Tata Motors’ stock price was quoting at Rs 711, lower by 0.2% from the last close on the NSE. Shares of the company are down over 28% in the last year.

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