Tata Motors stock slips as Tata Steel sells stake

Shares of Tata Motors fell by nearly 3 per cent today, emerging as the worst performer on the benchmark index Sensex, after Tata Steel pared its stake in the company.
Tata Steel today sold 1.33 per cent stake in Tata Motors to institutional investors for Rs 1,250.69 crore.
Tata Motors' stock went down by 2.81 per cent to settle at Rs 328.40 on the BSE. During the day, it slipped 3.96 per cent to Rs 324.50.
At NSE, shares of the company declined by 2.3 per cent to Rs 330.25.
The company's market valuation fell by Rs 3,158 crore to Rs 94,400 crore.

Meanwhile, Tata Steel's scrip was down 0.72 per cent to Rs 228.55 on BSE.

Earlier in the day in a regulatory filing to BSE, Tata Steel said that the company as part of its portfolio restructuring has sold 3,85,20,801 shares of Tata Motors to institutional investors over the stock exchange for Rs 1,250.69 crore.
Post market hours, Tata Steel informed BSE that the company, as part of its portfolio restructuring has sold through off-market transaction 3,78,78,787 shares of Tata Motors to Tata Sons at a price of Rs 330 per share, aggregating to Rs 1,249.99 crore.
According to BSE data, Tata Steel held a 5.54 per cent stake in Tata Motors as on June 30, 2015.