Indian automaker Tata Motors falls 5% as US tariffs to hit luxury unit JLR

Shares of Indian automaker Tata Motors slid 5% on Thursday after US President Donald Trump pressed ahead with a 25% tariff for all car imports into the world’s largest economy, a top destination for the company’s luxury cars.

Tata Motors is the owner of British luxury carmaker Jaguar Land Rover (JLR), which counts North America as its top market, but has no manufacturing presence in the region and exports its cars from plants in the UK and Slovakia.

India’s Tata Motors plans to demerge business into two separate companies

Its shares were last down about 5.2% at 671.70 rupees and looked set for their biggest single-day decline in about two months.