stock experienced significant losses on Thursday, falling by 4 per cent to an intraday low of ₹655.30.
This downturn was primarily attributed to concerns over the cyberattack affecting its UK-based subsidiary, Jaguar Land Rover (JLR). The British luxury carmaker has halted production till October 1, following the cyber attack on August 30.
The closure of its factories throughout September is already impacting suppliers and retailers and is expected to s, Tata Motors, in the second quarter. According to media reports, the Tata Motors’ arm may face a financial impact of £2 billion without the insurance coverage against the cyberattack.
Meanwhile, Tata Motors on Tuesday announced that its dealers retailed around 10,000 passenger vehicles on the first day of Navratri due to drop in vehicle prices under GST 2.0 regime.
Following the announcement of the new GST rates, the auto major announced passing on the full benefits to its customers, along with attractive festive offers.
Tata Motors’ traded 2.80 per cent lower at ₹663.85 at 2.22 pm after moderating between ₹655.30 and ₹675 against the previous close of ₹682.95 on the National Stock Exchange. The stock has fallen 9.6 per cent from its recent high of ₹725.25, recorded on September 18.