Tata Motors shares slide 3% as JLR faces €2 billion cyberattack hit
Shares of Tata Motors fell over 3% on September 25, making it the top loser on the Nifty 50 and F&O indices, after reports suggested that Jaguar Land Rover (JLR) could take a massive financial hit from a recent cyberattack.
JLR may face losses of up to €2 billion as the company was not insured against the cyberattack that disrupted operations earlier this month. A cyber insurance deal, brokered by Lockton, had not been finalized, leaving the automaker exposed. JLR has not issued an official comment, News.Az reports, citing foreign media.
The attack has forced JLR to extend the closure of its three UK plants—where it produces around 1,000 cars a day—until October 1. Reports estimate that the company is losing about £50 million ($68 million) each week due to the disruption.
Tata Motors had acknowledged the cyber incident on September 1, stating:
"We are working at pace to resolve global IT issues impacting our business. We will provide an update as appropriate in due course."
The potential losses could surpass JLR’s profit for the previous fiscal year, raising concerns among investors and putting pressure on Tata Motors’ stock, which was trading at ₹662.30, down 3.02% at 11:42 IST.
Similar news
