Shares in Tata Motors(TAMO.NS) shares fall 2.3 percent on worries that October-December earnings will miss market expectations on the back of a disappointing report card at the key Jaguar Land Rover (JLR)subsidiary.

Increasing reliance on lower-margin models such as the Land Rover Evoque and Freelander and adverse currency movements are seen denting Tata Motors' quarterly results due later on Thursday, as JLR's free cash flow (FCF) turns negative.

British luxury car maker JLR issued a warning last month that it is likely to report lower EBITDA margin in the October-December quarter compared with the previous two quarters.