Stock Market Tips- Tata Motors slumps 3% after S&P Global downgrades credit rating
The rating agency downgraded its rating on Tata Motors' issue credit and senior unsecured notes to "BB-/negative watch" from "BB"
Shares of Tata Motors fell by around 3 percent in early trade after S&P Global Ratings downgraded the company's credit rating. The rating agency downgraded its rating on Tata Motors' issue credit and senior unsecured notes to "BB-/negative watch" from "BB".
The agency cited JLR's weaker profitability as the reason for the downgrade.
Moody's too cut its rating on Tata Motors to "Ba3" with a negative outlook from "Ba2" with a stable outlook.
Tata Motors was quoting at Rs 172.05, down 2.08 percent from its previous close.
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