BENGALURU: Indian shares opened lower on Monday, led by a drop in Tata Motors after the automaker forecast flat margins for its luxury Jaguar Land Rover (JLR) division, while investors awaited domestic inflation data due later in the day.

The blue-chip NSE Nifty 50 was down 0.74% to 21,890.30 points, while S&P BSE Sensex lost 0.82% to 72058.22, as of 9:39 a.m. IST.

Tata Motors said on Friday it expects JLR’s margins on earnings before interest and taxes in FY25 to be around levels seen in the previous year, sending shares down as much as 7%.

“JLR could face demand risks,” said analysts at brokerage Nomura, who downgraded the stock from “buy” to “neutral” after results.

Indian shares see worst week since mid-March as volatility, foreign selling weighs

Early losses in Tata Motors, the second-heaviest stock in the auto index, drove the gauge down 2.6% in morning trade.

On the flip side, drug maker Cipla jumped about 6% after the drugmaker’s strong margin outlook post fourth-quarter results.

Investors are also awaiting data on domestic inflation, which likely eased in April, according to a Reuters poll of economists.