Tata Group is one of the biggest groups in India with a presence in several sectors. Once headed by Ratan Tata, the group is known for its quality products. However, on Wednesday, one of its leading companies, Tata Motors, saw a major decline in its market cap. The shares of Tata Motors tumbled nearly 6 per cent in 6.15 hours (9.15 am to 3.30 pm) to wipe out Rs 21,881 crore from its market valuation and dragged the benchmark indices lower. The stock was the biggest laggard on the Sensex and Nifty.
The stock declined 5.74 per cent to settle at Rs 976 on the BSE. During the day, it tanked 6.12 per cent to Rs 972. At the NSE, shares of the firm slumped 5.73 per cent to Rs 976.40. The company's market valuation also eroded by Rs 21,881.23 crore to Rs 3,59,227.59 crore.
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The automobile company's shares have been falling for the past nine days, tumbling 12.82 per cent. In a volatile trade, the 30-share BSE Sensex dropped 398.13 points or 0.49 per cent to settle at 81,523.16. The NSE Nifty declined 122.65 points or 0.49 per cent to 24,918.45. On the traded volume front, 17.56 lakh of the firm were traded at the BSE and 361.40 lakh at the NSE during the day.
(With inputs from PTI)
