Why Shares of Tata Motors Are Down Sharply Today
Shares of Indian automaker Tata Motors (NYSE: TTM) were down sharply on Friday morning as a new antitrust investigation added to auto investors' concerns about virus-related parts shortages at its important Jaguar Land Rover subsidiary.
As of 11:00 a.m. EST, Tata's American Depositary Shares were down about 9.3% from Thursday's closing price.
Tata's shares have been under pressure since the CEO of its Jaguar Land Rover (JLR) subsidiary, Ralf Speth, said on Feb. 18 that shutdowns at suppliers in China could leave JLR's factories short of critical parts and that sales in China had essentially ground to a halt as the novel coronavirus kept consumers away from dealerships.
Source Fool.com