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PHOTO FILE: Signs are visible in front of the Jaguar Land Rover factory from Halewood in Liverpool, North of England on September 12, 2016. REUTERS / Phil Noble
(Reuters) – Shares of Indian automaker Tata Motors Ltd (TAMO.NS) lost Friday after his British unit Jaguar Land Rover announced the removal of 500 jobs at its plant in central England.
Shares fell 3.9% to 170.35 rupees, their lowest level since October 29, early in the session. More than 3.9 million shares have changed hands at 0411 GMT, compared with an average of 15.8 million over 30 days.
Wolverhampton's engine manufacturing center, in central England, will make a temporary break in production, in response to changes to vehicle production schedules, announced Britain's largest automaker Jaguar Land on Thursday Rover.
The automaker said that "the external environment remains difficult" and that the company is taking decisive action to achieve the operational efficiency necessary for long-term success.
Maintenance staff and salaried staff will continue normally, the company said, adding that those affected would continue to receive a full salary for the period.
Tata Motors shares were the biggest loser on the indexes and recorded their largest daily decline since November 13th.
The shares lost nearly 59% this year, at the close of last Thursday.
Report of Krishna V Kurup in Bengaluru; Edited by Rashmi Aich
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