The massive explosion at Tianjin port in China is believed to have damaged most of the 5,800 Jaguar Land Rover cars parked in the vicinity. This news was informed to the Bombay Stock Exchange by Tata Motors which is the British auto makers’s Indian parent.
Sources say, Tata Motors shares fallen by 4% after the news broke out and recovered a bit to end the day 2.7% lower at Rs 332.75 on the Bombay Stock Exchange. All these vehicles were shipped to China recently and stored at various locations at the Tianjin port.
Tianjin is one of the busiest ports in China. It was usually preferred by the foreign carmakers to import luxury vehicles into the China. As many as 15,000 high-end cars of companies such as Jaguar Land Rover, Mitsubishi, Volkswagen, Renault and Hyundai Kia were parked at the delivery area of this port. The total worth of these cars is $1 billion (Rs 6,500 crore). The actual estimation of the damage caused by explosion will be known once the port is re-opened.