Tata Motors shares today fell 2 per cent after data showed decline in sales of its luxury brand Jaguar Land Rover in February, following which company's market capitalisation eroded by Rs 5,520.96 crore (Rs 55.20 billion).
Sales of luxury brand Jaguar Land Rover declined by 1.2 per cent to 38,541 units in February, as compared to 39,011 units during the same month a year ago.
Reacting to this, shares of Tata Motors opened on a bearish note today and then fell as much as 2.61 per cent to touch an intra-day low of Rs 556.60 on the BSE.
At the end of today's trading session, the stock was quoted at Rs 560.10, down 2 per cent from its previous close. Accordingly, the market capitalisation of the company fell by Rs 5,520.96 crore to Rs 1,50,895.88 crore.
The market capitalisation of the company stood at Rs 1,56,416.84 crore (Rs 1,564.16 billion) yesterday.
Tata Motors yesterday reported a growth of 5 per cent in its global sales, including Jaguar Land Rover, at 83,951 units in February.
The company had sold 79,996 units in the same month of 2014.
In the passenger vehicles category, the global sales last month stood at 52,477 units, up 3.35 per cent.
It had sold 50,775 units in February 2014, the company had said in a statement.
Sales of commercial vehicles increased by 8 per cent in February to 31,474 units from 29,221 units a year ago.
