Tata Motors Shares Dip Amid Acquisition Talks
Shares of Tata Motors dropped significantly as reports emerged about the company's advanced discussions to acquire the truck division of an Italian company for USD 4.5 billion. The stock experienced a dip on both the BSE and NSE, leading to a notable market valuation decrease.
- Country:
- India
Shares of Tata Motors took a nearly 3.50 percent hit on Wednesday, amidst news of advanced talks concerning the acquisition of an Italian company's truck division for USD 4.5 billion. This development saw the stock closing at Rs 668.40 on the BSE, after declining by 3.47 percent.
During intra-day trading, shares fell as much as 3.89 percent to Rs 665.45, while on the NSE, the stock dropped 3.45 percent to Rs 668.45. This has raised concerns among investors regarding the acquisition.
Market valuation of the company decreased by Rs 8,818.93 crore, settling at Rs 2,46,085.52 crore. Tata Motors' performance rendered it the biggest laggard among Sensex and Nifty, prompting the BSE to seek clarification on the reports of the potential USD 4.5 billion deal.
(With inputs from agencies.)
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