Felix Brautigam, Jaguar Land Rover chief commercial officer, said: "We are continuing to see challenges in our key markets. The china market is seeing uncertainty following tariff changes and trade tensions. Concerns over diesel and Brexit continue to weigh on the industry in the UK and Europe although August sales were encouraging." Analysts with Nomura expect the volume growth to recover gradually in China over the next year given reduction in import tariffs to 15% from 25%. They further observe that since China is the most profitable market for JLR, any disappointment from China due to regulatory concerns or demand slowdown could lead to downside risks to earnings estimates. Moreover, while Jaguar retail sales were up 7.7% to 11,802 units, driven by the introduction of E-PACE and I-PACE, Land Rover's sales were down 9.9% to 24,827 units. The management expects strong second half of the year for Jaguar. JLR generates 78% of total Tata Motors ' consolidated revenues. Shares of Tata Motors fell 2% on Monday.