Tata Motors ends 5 per cent down on JLR job cut plans

The share price of automobile major Tata Motors declined on the bourses by over 4 per cent on Monday on the back of news reports suggesting that the company’s wholly-owned subsidiary Jaguar Land Rover would be laying-off a number of contractual employees.   

The company is likely to cut jobs of short-term contractual employees in order to expand its back production in some of its UK manufacturing units.  
According to some reports, it has been indicated that the management is targeting to cut down 1,000 short-term jobs. However, Jaguar Land Rover is yet to confirm the exact number of layoffs.  

The stock had hit an intraday high of Rs. 352.20 per share and an intraday low of Rs. 337.90 per share on BSE on Monday. It   had touched its  52-week high  of Rs.   487   per share   on May 20, 2017 and  i  ts 52-week low  of Rs. 3 24.50  per share  on March 26, 2018   on BSE, respectively  .  

On Monday, Tata Motors closed at Rs 338.95 per share, down by Rs 17.70 per share or 4.96 per cent against the previous close of Rs 356.65, while the S&P BSE ended at 34,305.43 up by 112.78 or 0.33 per cent.