Tata Motors slips 8% on NSE; biggest Sensex loser

Tata Motors slips 8% on NSE; biggest Sensex loser

Mumbai: Tata Motors shares on Friday fell over 8% on the National Stock Exchange after the company said it has raised $750 million (about Rs3,481 crore) through the issue of securities.

Shares of the country’s largest auto maker ended the day at Rs542, down 8.02% from its previous close. During the trade-hours, the scrip had touched a low of Rs541, down 8.18%.

On the Bombay Stock Exchange also, the scrip, which had opened on a positive note, emerged as the biggest loser among the 30-bluechips shares and tanked 6.66% to Rs548.30.

The BSE’s benchmark index, too, ended in negative zone with a loss of 200.88 points to 16,642.66.

“Despite the positive announcement of fund raising by the company, the scrip fell as smart investors sold the shares following the good news," SMC Global vice-president Rajesh Jain said.

On the volume front, over 89 lakh shares changed hands on the two bourses.

Tata Motors on Friday said it has raised $750 million through issue of fresh shares in the international market as well as convertible notes, proceeds from which will be used mainly for debt repayment of Jaguar Land Rover acquisition.

Tata Motors said it has issued 2.99 crore new equity shares in the form of global depositary shares (GDSs) priced at $12.54 per GDS aggregating $375 million.