India’s Tata Motors slides 8% after luxury arm JLR pauses exports to US

(Corrects typo in headline)

(Reuters) – Shares of Indian automaker Tata Motors sank 8% on Monday after Jaguar Land Rover (JLR), which makes luxury cars, paused exports of its British-made cars to the U.S. following President Donald Trump’s 25% tariff came into effect.

The slide on the day takes the stock’s tumble to 20% since Trump announced the import duties on March 26. In that period the benchmark Nifty 50 has dropped 6%, including a 4% slump on the day.

The United States is the second-biggest importer of British-made cars after the European Union, with nearly a 20% share, data from industry body SMMT shows.

The U.S. was one of JLR’s only growth markets last year and accounts for more than a quarter of its global sales of Range Rover Sports, Defenders and other models.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D’Souza)