Jaguar Heads for an Indian Pothole

Big trucks are all the rage in India, but Tata Motors Ltd.’s fortunes are still riding on a luxury marque that isn’t quite built for the subcontinent’s roads. Medium and heavy-duty commercial vehicles have been the fastest-growing segment of India’s rapidly expanding auto market, with sales up more than 60 percent in May from a year earlier as transport companies upgrade fleets. That’s been a tailwind for Tata Motors, one of the country’s biggest truck manufacturers: The company reduced net losses at its local operations in the financial year ended March 31 and managed to expand still-slim Ebitda margins, despite large one-time restructuring charges. Tata Motors stock has fallen around 7 percent in Mumbai since it announced results in May.