INTERNATIONAL - India’s Tata Motors Ltd on Friday denied media reports that it was exploring options for its ailing luxury car unit Jaguar Land Rover Automotive Plc.
Two media reports said the company was considering options including a minority stake sale in the JLR unit or finding a venture partner that would jointly develop vehicles and lower costs.
The reports of a potential stake sale drove Tata Motors shares up as much as 3.7 percent to 184 rupees. The stock pared some of the gains and ended up 1.6 percent.
“There is no truth to the rumors that Tata Motors is looking to divest its stake in JLR,” a Tata Motors spokesperson told Reuters.
Tata Motors posted its biggest-ever quarterly loss in Indian corporate history of about $4 billion last month, hurt by slumping China sales.