Tata Motors Shares Plunge 7%, Market Value Drops Rs 42,461 Cr
Aug 05, 2024 19:31
Tata Motors stock plummeted over 7% on Monday, extending its previous day's slump. The company's market valuation eroded by Rs 42,461 crore in two days.
New Delhi, Aug 5 (PTI) Tata Motors' stock plunged over 7 per cent on Monday, extending its previous day's slump, in line with a sharp decline in the equity market.
Shares of the firm tanked 7.32 per cent to settle at Rs 1,016.65 on the BSE. During the day, it dived 7.54 per cent to Rs 1,014.15.
At the NSE, the stock tumbled 7.31 per cent to Rs 1,016.45.
The stock emerged as the biggest laggard among the Sensex and Nifty firms.
In two days, the firm's market valuation got eroded by Rs 42,461.21 crore to Rs 3,38,001.41 crore.
The 30-share BSE benchmark plummeted 2,222.55 points or 2.74 per cent to settle at over a month's low of 78,759.40, marking its worst single-day retreat since June 4, 2024. During the day, it tanked 2,686.09 points or 3.31 per cent to 78,295.86.
The NSE Nifty slumped 662.10 points or 2.68 per cent to settle at more than a month's low of 24,055.60. During the day, it tumbled 824 points or 3.33 per cent to 23,893.70.
Shares of Tata Motors had declined more than 4 per cent on Friday after the auto major reported fall in total sales in July.
On Thursday, Tata Motors reported an 11 per cent year-on-year dip in total sales at 71,996 units in July.
The company had sold 80,633 units in July 2023. Its total domestic sales dipped 11 per cent and stood at 70,161 units last month as against 78,844 units in the year-ago period.
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