Shares in Tata Motors plummeted almost 19% last Friday after it reported the biggest quarterly loss in Indian corporate history of $3.8bn. The stock is now down more than 50% over the last year after a third consecutive quarterly loss, this time due to a $3.9bn impairment charge on Jaguar Land Rover.
The British marque is floundering against a backdrop of heavy spending, a rapidly cooling Chinese market, waning interest in diesel cars and, of course, Brexit. Such issues forced Jaguar to close its Solihull plant for two weeks in October and it plans to do the same again in April.
The Mumbai-based Tata expects to lose money this fiscal year while its rising debts mean the ratings agency Fitch has put the company on negative credit watch.