New Delhi, Feb. 5 -- Italian automaker Iveco's two reductions in its cash flow outlook within six months have reignited concerns over Tata Motors Ltd's biggest acquisition, as analysts caution the Italian business's volatile show may leave the Indian parent vulnerable to global headwinds.

The Turin-based company cut its full-year 2025 guidance for its commercial vehicle and defence business by 82% in January to €60 million from €350-400 million, after an earlier 13% cut in July 2025 from €400-450 million, citing production delays and higher costs in the bus segment and weak performance in previous quarters.

Interestingly, both cuts to the cash-generation forecast follow Tata Motors' announcement on 30 July of a $4.4 bi...