Tata Motors has moved higher by 5% to Rs 238 after the company said Ratan Tata, Chairman of the company bought 425,000 shares through open market transaction.
“Ratan Naval Tata has purchased 425,000 ordinary shares having face value of Rs 2 each of the company through market purchase on June 14, 2012 on the National Stock Exchange,” Tata Motors said in a filing.
Ratan Tata has acquired these shares at an average market price of Rs 233.87 per share, it added.
On Thursday, the stock of India’s largest automobile company has fallen as much as 5% to Rs 227 on the NSE.
Meanwhile, the company has reported 12% year-on-year growth in its global vehicle sales at 96,089 units in May on back of strong 35% rise in sales of its luxury Jaguar Land Rover (JLR) vehicles. Sales of its JLR vehicles stood at 30,094 in the month.
The stock opened at Rs 228 and hit a high of Rs 238 on the NSE. A combined 6.43 million shares have changed hands on the counter in noon deals on both the exchanges.