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.
Tata's American depositary shares ended Wednesday's session at $5.55, down 8.2% from Tuesday's closing price.
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).
Source Fool.com
