Shares of Tata Motors Ltd. fell after Jaguar Land Rover Chief Executive Officer Thierry Bollore resigned just two years after he took the role.
Bollore, who formerly led Renault SA and was appointed to the top job at Jaguar Land Rover in September 2020, cited personal reasons for his departure. Adrian Mardell, a 32-year JLR veteran, will take over as the interim chief executive officer, Tata Motors said.
Bollore’s exit comes as the Evoque maker struggles to ramp up production amid industry-wide supply-chain issues. The carmaker has also been unable to make significant headway on electrification.
JLR has reported losses for seven consecutive quarters, according to Bloomberg data. Its latest report was a loss before tax of £173 million ($206 million) in the three months ended September. On Nov. 9, the company forecast an improvement in production and sales volumes in the six months to March 2023, and said free cash flow may approach break-even for the full financial year.
Shares of Tata Motors fell as much as 2.8% intraday in the steepest decline since Nov. 10. The trading volume was 1.4 times the 30-day average for this time of the day.
Of the 33 analysts tracking the company, 23 maintain a ‘buy’, seven suggest a ‘hold’ and three recommend a ‘sell’, according to Bloomberg data. The average of the 12-month consensus price target implies an upside of 17.2%.