July 24, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Tata Motors share price slips nearly 2% as Jhunjhunwala pares stake

The share touched a 52-week high of Rs 360.65 on June 15, 2021 and a 52-week low of Rs 101.35 on July 27, 2020

Tata Motors share price slipped nearly 2 percent intraday on July 20 as ace investor Rakesh Jhunjhunwala reduced his stake in the company to 1.14 percent (3,77,50,000 shares), the BSE shareholding pattern of June 2021 shows.

In the March quarter, his holding in the company stood at 1.29 percent (4,27,50,000 shares). This is the second Tata group company that Jhunjhunwala has reduced stake in. He cut his holding in Titan Company in the June quarter by 0.25 percent.

Tata Motors board has approved a proposal to raise up to Rs 500 crore through the issue of securities on a private placement basis.

A meeting of the duly authorised committee approved for subscription, on a private placement basis, up to 5,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) E30-B Series of face value Rs 10,00,000 each aggregating up to Rs 500 crore, the auto major said in a regulatory filing.

The Mumbai-based company, however, did not share details as to how it plans to use the capital.

At 1351 hours, Tata Motors was quoting at Rs 304.50, down Rs 4.20, or 1.36 percent on the BSE.

The share touched a 52-week high of Rs 360.65 on June 15, 2021 and a 52-week low of Rs 101.35 on July 27, 2020. It is trading 15.57 percent below its 52-week high and 200.44 percent above its 52-week low.

Moneycontrol News

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