NEW DELHI: Shares of Tata MotorsNSE 0.65 % declined over 1 per cent in early trade on Thursday after S&P downgraded its credit rating.
S&P said on Wednesday it had downgraded the credit rating on Jaguar Land Rover, and its owner, even deeper into junk and put it on review for a possible further downgrade due to the growing risks of a no-deal Brexit and US import tariffs, Reuters reported.
S&P cut its rating on senior unsecured notes of JLR and Tata Motors to 'B+' from 'BB-'. The rating downgrade followed JLR's weaker than expected third-quarter results.
Around 9:35 am, shares of Tata Motors traded 0.41 per cent down at Rs 169.20 on BSE.
S&P said on Wednesday it had downgraded the credit rating on Jaguar Land Rover, and its owner, even deeper into junk and put it on review for a possible further downgrade due to the growing risks of a no-deal Brexit and US import tariffs, Reuters reported.
S&P cut its rating on senior unsecured notes of JLR and Tata Motors to 'B+' from 'BB-'. The rating downgrade followed JLR's weaker than expected third-quarter results.
Around 9:35 am, shares of Tata Motors traded 0.41 per cent down at Rs 169.20 on BSE.
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