Tata Motors share fell in trade today after the auto firm withdrew the plan to raise Rs 1,000 crore by issuing non convertible debentures (NCDs). Share price of Tata Motors slipped 2.36% intra day to Rs 84.85 compared to the previous close of Rs 82.50 on BSE. The stock has lost 2.47% in two days.
Sensex gains 199 points, Nifty closes at 9,251; HUL, Reliance Industries top gainers
Tata Motors stock opened with a gain of 2.67% at Rs 84.70 today. It closed 1.76% lower at Rs 81.05 on BSE. On Nifty, the stock ended 1.58% lower at Rs 81.20.
The large cap stock stands higher than 20 day moving averages but lower than 5 day, 50 day, 100 day and 200 day moving averages. Market capitalisation of Tata Motors fell to Rs 29,157 crore in trade today.
Total 18.83 lakh shares of the firm changed hands amounting to turnover of Rs 15.54 crore on BSE. The stock has lost 56.32% in last one year and fallen 56.21% since the beginning of this year. However, it has gained 20% in last one month.
The firm in a communication said, "Pursuant to the provisions of Regulation 30 (2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Regulations') read together with Schedule III of the Regulations, we hereby inform that the Company has decided to withdraw the issue for private placement of unsecured NCDs in view of the higher cost expectations from the market participants due to the tight money market conditions. The company continues to have sufficient liquidity and would consider issuance of NCDs at appropriate time and under normalized market conditions with necessary approvals."
On April 28, Tata Motors share price gained nearly 4% after the Indian firm said it plans to issue non-convertible debentures (NCDs) worth Rs 1,000 crore. Share price of Tata Motors rose 3.79% to Rs 78.1 compared to previous close of Rs 75.25 on BSE. It closed 2.26% higher at Rs 76.95 on BSE.