Fitch estimates that Tata Motors' consolidated Ebitda generation will drop by nearly 50% year-on-year in the financial year ending March 2021 and will remain below FY19 levels in FY22, even with a recovery. "We expect sharp deterioration in Tata Motors free cash generation and leverage, as the company will have limited flexibility to lower heavy investment, despite lower profitability, particularly at JLR, as it needs to bolster its long-term competitiveness in view of emerging industry trends," said Fitch in its release.