Share price of Tata Motors tanked by 10 percent in trade on Wednesday to Rs 109.50 each, its lowest level since 2009. The shares reacted to the recent downgrade in the automakers long-term banking facitlities and uncertainty over Brexit.

Reports suggest that the British Prime Minister, Boris Johnson, is likely to go for a "No-Deal" Brexit, which will negatively affect the company's UK-based arm, Jaguar Land Rover. JLR makes for over 75 percent of Tata Motors' consolidated operating profit.

With just 71 days for the Brexit deadline of 31 October, a British daily national newspaper, the Times, reported that in his meeting with German Chancellor, Angela Merkel, on Wednesday, Johnson will inform her that Britain will be leaving the European Union on 31 October, even if MPs (members of the parliament) vote to stop a "No Deal" exit.

Earlier, on Monday, Tata Motors in a statement to the stock exchanges informed of a rating downgrade on its long-term bank facilities citing weak performance of JLR as the reason. Credit Rating Agency CARE downgraded the company's Long Term Rating (Bank Facilities, Non-Convertible Debentures) from "CARE AA/Stable" to "CARE AA-/Negative" and Short Term Rating (Bank Facilities, Commercial Paper) was left unchanged at "CARE A1+" as per the filing.

Further, a Bloomberg intelligence report said that India's falling vehicle shipments and the liquidity crunch in NBFCs (non-banking finance companies) is likely to hurt shipments and margins of Tata Motors in the coming months.