NEW DELHI: Shares of Tata Motors declined over 1 per cent in early trade on Thursday after SP downgraded its credit rating.SP said on Wednesday it had downgraded the credit rating on Jaguar Land Rover, and its owner, even deeper into junk and put it on review for a possible further downgrade due to the growing risks of a no-deal Brexit and US import tariffs, Reuters reported.SP cut its rating on senior unsecured notes of JLR and Tata Motors to 'B+' from 'BB-'.
The rating downgrade followed JLR's weaker than expected third-quarter results.
JLR's global sales declined 4.1 per cent to 38,288 units in February, mostly because of signs of global economic slowdown, uncertainty around Brexit and the US-China trade war.Around 9:35 am, shares of Tata Motors traded 0.41 per cent down at Rs 169.20 on BSE.