Shares of Tata Motors touched a 52-week low of Rs 121.85, down 1.5 percent intraday on August 6 after ICRA downgraded the auotmaker's rating, citing weakening of the financial profile of its British luxury car unit Jaguar Land Rover.
The credit rating agency downgraded Tata Motor's long term loans, long-term fund-based facilities and non-convertible debenture programme to AA- from AA, with outlook remaining negative.
However, the agency reaffirmed the rating as A1+ on commercial paper programme and short-term programme.
Close At 12:27 hours, Tata Motors was quoting at Rs 122.90, down Rs 0.85, or 0.69 percent, on the BSE.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more. First Published on Aug 6, 2019 12:53 pm
tags #Buzzing Stocks
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