JLR to recall over 6,000 units in China; Tata Motors shares fall 2.7%
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The shares of Tata Motors fell on Tuesday after there were reports that said that Jaguar Land Rover (JLR) was set to recall over 6,000 units in China to fix faulty seat belts.
On the news, the shares of Tata Motors, which owns JLR fell 2.7% to Rs 518.00 apiece. At 1458 hours, the shares were trading at Rs 523.75 down Rs 8.75 or 1.64% lower from previous close.
The recall affects 1,554 imported 2016-2017 Range Rover and 3,438 imported 2016-2017 Range Rover sport series manufactured between July 12-October 26, 2016, China's General Administration of Quality Supervision, Inspection and Quarantine said in a statement.
The recall will begin from February 24. The affected vehicles also include 1,132 imported 2017 Jaguar XE manufactured between July 13-December 7, 2016, and 314 imported 2017 Jaguar F-TYPE manufactured between July 19- December 16, 2016.
According to the statement, the defective seat belts may fail to function when the vehicles are involved in accidents. The carmaker said it would inspect the belts and replace them free of cost.
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Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
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