Shares in India’s Tata Motors tanked almost 30 per cent yesterday after problems at its Jaguar Land Rover unit dragged the luxury carmaker to India’s biggest quarterly loss.

The Mumbai-based manufacturer has been badly hit by falling demand for luxury cars in China, as well as uncertainty over Brexit and rising debt.

It announced Thursday a net loss of 270 billion rupees ($3.8 billion) for the quarter ending December owing to a $3.9-billion write-down on JLR.

That compared to a profit of 12 billion rupees for the same period a year ago.

It marked a record loss in Indian corporate history, exceeding the deficit recorded by Indian Oil Corporation in 2012, according to Bloomberg News.