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Religare Says Software Glitch Caused 10% Plunge in Tata Motors

Religare Capital Markets Ltd., a brokerage controlled by India’s billionaire Singh brothers, said a software glitch sent Tata Motors Ltd.’s shares tumbling 10 percent in Mumbai trading yesterday.

Billionaire Kumar Mangalam Birla’s UltraTech Cement Ltd. also fell by the same amount before paring losses. Tata Motors, the owner of Jaguar and Land Rover brands, declined 5.5 percent to 281.65 rupees at close, while UltraTech lost 3.4 percent.