Shares in India’s Tata Motors tanked almost 30 percent on Friday after problems at its Jaguar Land Rover unit dragged the luxury carmaker to India’s biggest quarterly loss.
The Mumbai-based manufacturer has been badly hit by falling demand for luxury cars in China, as well as uncertainty over Brexit and rising debt.
It announced Thursday a net loss of 270 billion rupees ($3.8 billion) for the quarter ending December owing to a $3.9-billion write-down on JLR.
That compared to a profit of 12 billion rupees for the same period a year ago.
It marked a record loss in Indian corporate history, exceeding the deficit recorded by Indian Oil Corporation in 2012, according to Bloomberg News.
“This is a difficult time for the industry, but we remain focused on ensuring sustainable and profitable growth, and making targeted investments, that will secure our business in the future,” JLR chief executive Ralf Speth said.
