Tata Motors is down over 3% at Rs.256; this is not too far away from its 52-week low of Rs.252.55.

The stock is down after Moody’s downgraded the corporate family rating (CFR) for Tata Motors from Ba1 to Ba2 and its senior unsecured instrument ratings to Ba2 from Ba1. It maintained the rating outlook at ‘stable’.

The rating agency also said, “Moody's also expects that rising commodity prices and a challenging operating environment for JLR will keep Tata Motors' EBITDA margins below 3 percent.”