New Delhi, Sep 25 (SocialNews.XYZ) Shares of Tata Motors fell around 2.99 per cent in early trading on Thursday following reports that Jaguar Land Rover (JLR), its British subsidiary, could incur a potential uninsured loss of approximately €2 billion due to a cyberattack that disrupted production.
The impact could surpass JLR’s total profit from the last fiscal year, said a report from The Financial Times.
JLR had not finalised a cyber insurance policy brokered by Lockton, potentially leaving the automaker uninsured for the attack, according to multiple media reports.
The cyberattack, which occurred on September 2, has forced the company to repeatedly push back its production schedule.
JLR announced it will extend factory closures until October 1 while addressing global IT issues and preparing for a phased restart of operations.
"We are working at pace to resolve global IT issues impacting our business. We will provide an update as appropriate in due course," Tata Motors said in a statement earlier this month.
The company's three UK plants in Solihull, Halewood, and Wolverhampton used to produce approximately 1,000 cars daily, with reports estimating losses of around £50 million per week due to the plants being shut down.
JLR is carrying out a forensic investigation into the cyberattack and has said that operations will restart gradually in a controlled manner
During FY25, Jaguar Land Rover contributed 72 per cent to Tata Motors' total automotive revenue, higher than its contribution in FY24, indicating stronger growth at JLR compared to Tata’s domestic vehicle segment
Meanwhile, in India, Tata Motors recorded approximately 10,000 car deliveries and over 25,000 enquiries on the first day of Navaratri, marking a strong start to the festive season. Over the past year, Tata Motors shares dipped Rs 300.90, a decline of 31.23 per cent.
Source: IANS
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