Tata Motors declined 1.92% to Rs 593.50 at 9:32 IST on BSE on equity dilution concerns after company's plans to raise upto Rs 7500 crore through rights issue.
The company made announcement after market hours yesterday, 27 January 2015.
Meanwhile, the S&P BSE Sensex was down 26.15 points or 0.09% at 29,544.89.
On BSE, so far 36,035 shares were traded in the counter as against average daily volume of 4.33 lakh shares in the past one quarter.
The stock hit a high of Rs 602.90 and a low of Rs 595.10 so far during the day. The stock had hit a record high of Rs 608.40 on 27 January 2015. The stock had hit a 52-week low of Rs 331.05 on 4 February 2014.
The stock had outperformed the market over the past one month till 27 January 2015, gaining 24.75% compared with Sensex's 8.55% rise. The scrip had also outperformed the market in past one quarter, gaining 20.14% as against Sensex's 10.53% rise.
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The large-cap commercial vehicle manufacturer has equity capital of Rs 547.34 crore. Face value per share is Rs 2.
Tata Motors announced that the company's board of directors has decided to seek approval of the shareholders through a postal ballot for raising upto Rs 7500 crore through a rights issue of ordinary shares and 'A' ordinary shares having differential voting rights for meeting the company's growth plans as well as for reducing the debt. The quantum, pricing and timing of the issue will be decided at a later point in time, depending upon the market conditions post shareholders' and other approvals, Tata Motors said.
Tata Motors' consolidated net profit fell 7.2% to Rs 3306.82 crore on 6.5% rise in total income to Rs 60809.13 crore in Q2 September 2014 over Q2 September 2013.
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