Shares of Tata Motors Passenger Vehicles (TMPV) crashed over 7% in early trade on Monday, November 17, despite posting a 2,110% year-on-year (YoY) surge in net profit as the performance of its luxury business, Jaguar Land Rover, weighed.

Analysts largely recommended a ‘reduce’ or ‘sell’ rating for the newly demerged TMPV stock, which houses the passenger vehicle, electric vehicle, and JLR businesses of Tata Motors.