Tata Tech share price tanks nearly 5% in early trade even as Nifty 50, Sensex hit a high

Tata Tech share price declined more than 5% in early trade even as the benchmark indices - Nifty 50, Sensex - and broader market showed exuberance buoyed by sweeping victory for BJP in 4 out of 5 states that went to polls in November.

Tata Tech share price is falling today for the second session in a row as it fell to close at ₹1,220 on December 1. Tata Tech share price so far has touched an intraday high of ₹1,244.6 and an intraday low of ₹1,151. 

Tata Technologies is a subsidiary of automobile major Tata Motors and is a pure-play manufacturing-focused Engineering Research & Development (ER&D) company, primarily focused on the automotive industry.

Tata Technologies share price had a blockbuster listing on November 30 but the stock has failed to sustain the gains since then.

On Thursday, November 30, Tata Tech share price ended at ₹1,313 on NSE, a 162.6% premium to the IPO price of ₹500, and at ₹1,314.25 on BSE, a 162.85% premium. It listed at ₹1,200 on the NSE and BSE, a premium of 140% to the IPO price of ₹500, and hit an intra-day high of ₹1,400 (180% premium).

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Tata Tech IPO was subscribed 69.43 times on final day of bidding on November 24. The retail investors portion has been subscribed 16.50 times, NII portion is subscribed 62.11 times, and Qualified Institutional Buyers (QIB) portion is booked 203.41 times. Employee portion has been subscribed 3.70 times Portion reserved for the shareholder has been booked 29.19 times.