Shares of India’s Tata Motors sank 10% on Monday, set for their worst day in over three years, as its luxury car unit Jaguar Land Rover paused exports of its British-made cars to the US after President Donald Trump’s 25% tariff came into effect.
The slide on the day has taken the stock’s tumble to 22% since Trump announced the import duties on March 26.
In that period the benchmark Nifty 50 has dropped 6.3%, including a 4% slump on the day.
The United States is the second-biggest importer of British-made cars after the European Union, with nearly a 20% share, data from industry body SMMT shows.
The US was one of JLR’s only growth markets last year and accounts for more than a quarter of its global sales of Range Rover Sports, Defenders and other models.
JLR’s sales, in turn, account for two-thirds of Tata Motors’ revenue and a significant part of its profit and cash flow.
That has made Tata Motors one of the biggest losers among auto stocks since the tariffs were announced, with its 22% slide more than double the roughly 10% drop in the broader auto index.
Besides Tata, the other carmakers in the 15-member auto index do not export to the US However, the index includes many component makers that have an indirect exposure, such as Bharat Forge, which supplies Tesla.
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Bharat Forge’s stock also tumbled about 10% on the day.
Brokerage CLSA said in a note last week that it expects a 14% drop in JLR’s overall volumes in the fiscal year to March 2026, led by a 26% drop in US sales on the back of tariffs.
Analysts still rate Tata’s stock “buy” on average, according to data compiled by LSEG, similar to its Indian peers.
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