New Delhi, Aug. 14 -- Shares of Tata Motors Passenger Vehicles dropped 6% in Friday's trade, August 14, falling to around the Rs.329 level, as the Street was disappointed with the company's June-quarter performance.

Net profit plunged 80% year-on-year, as continued challenges at its UK-based luxury unit JLR, coupled with elevated raw material costs, weighed on profitability during the quarter. Analysts also expect the weakness to persist, putting further pressure on the stock and dragging it to its lowest level in nearly two weeks.

Motilal Oswal retained its 'Sell' rating on Tata Motors PV with an unchanged SoTP-based target price of Rs.310 per share, while refraining from making any material changes to its FY28 estimates at this stage....