Tata Motors shares fall another 3%
After Tata Motors' shares fell by nearly 9% on Thursday, the shares fell by another 3% on Friday in early trade on the Indian markets.
- Tata Motors stocks opened over 3% down on domestic markets in early trade
- The company's shares continued to plunge after it fell by nearly 9% on Thursday
- It has wiped of Rs 10,351 crore of Tata Motors market cap yesterday
Tata Motors shares opened over 3% down on domestic markets in early trade on Friday. The company's shares continued to plunge after it fell by nearly 9% on Thursday knocking off Rs 10,351 crore of its market cap.
This came after news of Tata Motors calling off talks with Skoda Auto, part of the Volkswagen Group, on their long-term partnership plans. This was added to the company's June quarter earning failing to meet marker expectations on Wednesday.
Apart from this, the poor start to the domestic markets also pushed the shares even further down.
On BSE at 09:39 hoursthe shares of the automobile company were trading down 3.03% or Rs 11.55, at Rs 369.35 per piece. On NSE its shares were down 3.41% or Rs 12.95, at Rs 367.25 per piece at 09:32 hours.
The shares of Tata Motors touched a 52-month low of Rs 358.50 per piece on Friday.
In this week so far, Tata Motors have tumbled by nearly 18% and is now trading at 15-month low.
Tata Motors on Thursday announced that it has ceased discussions with Skoda around their partnership plans exactly five months after it announced the partnership plans. This means that Tata Motors the expected tie-up with the Volkswagen Group has come to an end.
Tata Motors in a statement to BSE said that the two companies had performed a joint technical feasibility and commercial evaluation of a potential collaboration and decided the partnership may not yield the desired synergies as originally assessed.