Tata Motors share price fell as much as 29.45%

India- February 8- Shares of Tata Motors Ltd on Friday plunged as much as 30%, its maximum single day fall since February 1993, as many brokerages downgraded the stock and cut its target price after the company posted the biggest loss in India’s corporate history due to an impairment charge for its luxury car unit Jaguar Land Rover.

The stock fell 29.45%, its biggest slump since 3 February 1993 on intraday basis and touched a low of 141.90 a share. In last one year, it has dropped 51%. At 10 am, the scrip was trading at155.15 on National Stock Exchange, down 15.2% from its previous close while India’s benchmark Sensex fell 0.5% to 36,792.38 points