The recent decline in Tata Motors' share price is also led by its British luxury subsidiary, Jaguar Land Rover (JLR). Tata Motors, which gets around two-third of its revenue from British luxury carmaker JLR, is seeing some stress in China. Like other luxury carmakers, JLR witnessed slowdown in China where car retailers are getting into financial stress. "We do see stress in China at an industry level. The premium market is down 14% year-on-year from April to December 2024 and if you look at the JLR's import business, we are doing much better. We have declined 5% in that business," PB Balaji, chief financial officer, Tata Motors, said in a media conference call after the company's third quarter earnings. "So far the performance of JLR compared to the rest of the industry is much better. As the retailers' financial situation improves, we should see China getting to growth in the coming quarters," said Balaji.