Tata Motors' shares plummet 7% after cyberattack hits JLR, wiping out ₹10,476 crore in investor wealth

New Delhi (The Uttam Hindu): Monday proved to be a disastrous day for investors in Tata Group's passenger vehicle company (TMPV). Shares of the company plunged by more than 7%, causing panic among investors. Significantly, this is the largest single-day decline for the Tata Group vehicle company since the demerger.

This massive sell-off has resulted in a significant loss of ₹10,476 crore to the company's valuation (market capital). According to experts, the decline was due to a cyberattack on the company's luxury car wing, Jaguar Land Rover (JLR).

TMPV recently released its quarterly results, stating that the cyber attack on its luxury car maker Jaguar Land Rover had significantly impacted its performance .

For this reason, the company has lowered its luxury arm's EBITDA margin forecast from 5 to 7 percent to 0 to 2 percent. As soon as this news spread, investors began selling shares.

Shares near 52-week lows:

According to BSE data, the company's stock fell 7.26% to ₹363.15 on Monday. This price represents a mere 8.30% increase from its 52-week low. Experts say that if the decline continues, the stock could hit a new 52-week low.

Shares in a single minute also dealt a significant blow to the company's valuation. According to data, the company's valuation, which was 1,44,200.10 crore rupees on Friday, plummeted to 1,33,723.86 crore rupees just one minute into Monday's trading session. This means investors lost 10,476.24 crore rupees in just one minute.

As of 12 noon, the company's stock was trading down 4.62% at ₹373.50. This is the fifth consecutive day that TMPV shares have declined. The stock has fallen 11.55% since its November 10th close of ₹410.60.