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Why Tata Motors Stock Was Down on Wednesday

John Rosevear, The Motley Fool
·2-min read
Why Tata Motors Stock Was Down on Wednesday

Shares of Indian automaker Tata Motors (NYSE: TTM) closed lower for a second day on Wednesday, as auto investors continued to react to an influential analyst's view that the company is essentially worthless without its Jaguar Land Rover (JLR) subsidiary. In a note on Monday, CLSA analyst Amyn Pirani downgraded Tata's stock to underperform, from buy, and cut his price target for the company's BSE-traded shares to 85 rupees ($1.13) from 190 rupees ($2.52). Jaguar Land Rover's British factories have been closed since March 20, exacerbating parent Tata Motors' financial struggles.

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