Tata Motors shares down on lower-than-expected JLR sales

Tata Motors shares traded under pressure on the bourses, falling over 2 per cent in the morning trade on Wednesday, as its unit Jaguar Land Rover reported lower-than-expected increase in global sales in February.

Tata Motors-owned Jaguar Land Rover has reported 3 per cent increase in global sales at 26,855 units in February from the same month last year.

"February sales were up in almost every major market: 20 per cent in Asia Pacific, 20 per cent in North America, 15 per cent in the UK, and 6 per cent in Europe," the company has said in a statement.

Despite a positive opening, shares of Tata Motors failed to carry forward the momentum and fell by 2.28 per cent in early trade on BSE and 2.52 per cent on NSE.

At 1.22 pm, shares of the Tata Group company were trading 1.35 per cent down at Rs 300.20 on BSE and 1.49 per cent down at Rs 300.15 on NSE.

"JLR posted lower-than-expected retail volumes for February 2013 primarily due to a sharp 22 per cent y-o-y decline in volumes in China following festival season in February which resulted in lower working days," Angel Broking said in a report.

In the broader market, the BSE Sensex was trading at 19,448.58 down 116.34 points, or 0.59 per cent, in afternoon trade.

With inputs from PTI