Tata Motors share price fell over 5% emerging as the biggest Sensex loser on Tuesday as the benchmark index lost 1,274 points in the intraday trades earlier today following the global sell-off. The stock of Tata Motors cracked about 9.86% to hit a 52-week low on BSE.
Tata Motors share price fell over 5% emerging as the biggest Sensex loser on Tuesday as the benchmark index lost 1,274 points in the intraday trades earlier today following the global sell-off. The stock of Tata Motors cracked about 9.86% to hit a 52-week low of Rs 357 before closing down 5.45% at Rs 374.45 on BSE while the stock slipped 9.92% to hit a 52-week low of Rs 356.5 before settling 5.22% at Rs 375.15 on NSE. A heavy trading volume has been observed in the shares of Tata Motors today, as about 2.73 crore shares exchanged hands on both NSE and BSE with more than 2.52 crore shares on NSE alone. Following a sharp slide in the share prices of Tata Motors, Rs 6,221.3 crore has been washed away from the market capitalisation of the company.
Tata Motors held a market capitalisation of Rs 1,08,116.76 crore on the closing price of Rs 374.45 from Rs 1,14,338.06 crore as per yesterday’s closing price of Rs 396.05 on BSE. Earlier yesterday, Tata Motors reported an 11-fold jump in the net profit to Rs 1,215 crore for the quarter ended 31 December as against Rs 111.6 in the same period a year earlier. On the other hand, the Tata Motors’ British arm JLR results disappointed the analysts. JLR numbers posted a lower pretax profit of 192 million pounds, down from 255 million pounds in the corresponding quarter a year ago, which had included an $85 million insurance recovery.
Meanwhile today, India’s stock markets fell off a cliff as panicky in global markets triggered a sell-off at Dalal Street with Sensex crashing 1,274 points and Nifty erasing as much as 390 points. In the afternoon trading session, Indian stock markets recovered most of its losses with S&P BSE Sensex recouping over 1,000 points from the day’s low of 33,482.81. Though the volatility in the market remained higher following an abnormal buying/selling of scrips. BSE Sensex pared off partial losses in the afternoon session making a day’s high of 34,521.01 before settling down 561.22 points at 34,195.94. A marginal intraday recovery was also seen in the wider share indicator Nifty 50. NSE Nifty index added back 317.85 points to the day’s high of 10,594.15 before concluding down 168.3 points at 10,498.25.
Shares of blue-chip companies such as Bajaj Finance, Indiabulls Housing Finance, ICICI Bank, Eicher Motors and Tata Steel shares were the only notable gainers today rising up to 3.6%. Investors sentiments seemed to have jolted heavily due to the introduction of a tax on LTCG on equity over Rs 1 lakh, sell-off in equity markets globally.