Tata Motors fell 2.16% to Rs 330.60 at 9:29 IST on BSE after the Tata Steel said it is planning to raise funds by selling its stake in Tata Motors.
Shares of Tata Steel were up 0.70% at 231.80.The announcement was made before market hours today, 18 September 2015.
Meanwhile, the BSE Sensex was up 326.45 points, or 1.26%, to 26,290.42.
Volumes were high on the counter. On BSE, so far 4.11 crore Tata Motors shares were traded in the counter, compared with an average volume of 9.38 lakh shares in the past one quarter.
The stock hit a high of Rs 333.75 and a low of Rs 324.50 so far during the day. The stock hit a record high of Rs 605.32 on 3 February 2015. The stock hit a 52-week low of Rs 304.10 on 24 August 2015.
The stock had outperformed the market over the past one month till 16 September 2015, falling 4.91% compared with 7.49% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 21.74% as against Sensex's 2.71% decline.
The large-cap company has an equity capital of Rs 577.44 crore. Face value per share is Rs 2.
Tata Steel said that based on the review of its portfolio, it is proposing to sell equity shares of face value of Rs 2 each of Tata Motors to institutional investors over the stock exchange for a value not exceeding Rs 1250 crore. The price will be discovered through a book building process.
The company is also proposing to sell equity shares of face value of Rs 2 each of Tata Motors to Tata Sons around the market price through an off-market transaction for a total value not exceeding Rs 1250 crore.
Tata Motors' consolidated net profit fell 48.7% to Rs 2768.91 crore on 6.2% fall in net sales to Rs 60180.57 crore in Q1 June 2015 over Q1 June 2014.
Tata Motors is a market leader in commercial vehicles in India. The company's British unit Jaguar Land Rover sells premium luxury cars.
Powered by Capital Market - Live News
