JLR says it's business as usual; Tata Group stocks hit hard

'Jaguar Land Rover will manage the long-term impact and implications of this decision.'

As Britain voted to exit the EU, Tata Motors-owned Jaguar Land Rover on Friday said it is "business as usual" and will manage the long-term impact and implications of the decision, insisting "nothing will change" overnight for it and the automotive industry.

"For Jaguar Land Rover, today is just business as usual. We are a British business with a strong manufacturing base in this country, we call Britain home and we remain committed to all our manufacturing sites and investment decisions," a JLR spokesperson said in a statement.

On outcome of the referendum, the spokesperson said: "We respect the views of the British people and in line with all other businesses, Jaguar Land Rover will manage the long-term impact and implications of this decision: nothing will change for us, or the automotive industry, overnight."

The company said Europe is a key strategic market for its business, comprising 20 per cent of global sales.

"We remain absolutely committed to our customers in the EU. There will be a significant negotiating period and we look forward to understanding more about that as details emerge," the spokesperson added.

The company said it was looking forward to work with the British government and automotive sector to ensure that the UK's automotive industry remains as competitive as ever, and that negotiations between the UK government and the EU will continue to recognise the importance of car manufacturing.

In a historic development, the UK voted to leave the European Union after 43 years as the 'Brexit' camp took an unassailable lead over 'Remain' in a down-to-wire referendum with far reaching implications for the world.

Tata Group stocks hit hard

Tata Group stocks witnessed severe drubbing on Friday, plummeting up to 13 per cent, as UK's vote to exit the European Union spooked investors given the conglomerate's huge exposure to the region.

Among bluechip Tata Group stocks, Tata Motors plunged 12.9 per cent, Tata Steel tanked 10.89 per cent and TCS dipped 4.81 per cent on BSE.

Shares of Tata Elxsi plunged 9.21 per cent, Tata Global Beverages (7.26 per cent), Tata Chemicals (5.72 per cent) and Tata Communications (5.34 per cent).

There are fears that the UK operations of several Indian companies might take a hit due to immigration and other restrictions that might come in following Brexit.