NEW DELHI– Shares of Tata Motors fell almost 3 percent in early trading Thursday after reports suggested that Jaguar Land Rover (JLR), its British subsidiary, could face an uninsured loss of about €2 billion following a major cyberattack that crippled production.
According to The Financial Times, the potential loss may exceed JLR’s total profit from the previous fiscal year. Multiple reports said JLR had not yet finalized a cyber insurance policy with broker Lockton, leaving the company exposed to the full financial impact of the attack.
The cyberattack, which struck on September 2, forced repeated delays to production. JLR has since extended factory closures until October 1 as it works to resolve global IT issues and prepare for a phased restart.
“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 U.K. plants in Solihull, Halewood, and Wolverhampton previously produced about 1,000 vehicles daily. Shutdowns have been estimated to cost around £50 million per week. JLR has launched a forensic investigation and said operations will resume gradually in a controlled manner.
JLR contributed 72 percent of Tata Motors’ total automotive revenue in FY25, up from its share in FY24, highlighting the subsidiary’s stronger growth compared to Tata’s domestic auto business.
Meanwhile, Tata Motors reported robust demand in India during the Navaratri festival, with about 10,000 car deliveries and more than 25,000 customer inquiries on the first day. Still, the company’s stock has declined by Rs 300.90 over the past year, a drop of 31.23 percent. (Source: IANS)
