Tata Motors falls 3pc as Daimler exits with a discount

MUMBAI: The shares of Tata Motors on Tuesday declined over 3 per cent as German carmaker Daimler sold its residual 5.34 per cent stake in the country's largest auto maker for over Rs 1,900 crore at a discount of 5-7 per cent.

The stock opened on a weak note and soon fell by 5.87 per cent to touch a low of Rs 750 on the on the Bombay Stock Exchange. The scrip finally settled at Rs 770.90, down by 3.24 per cent over its previous close.

A similar movement was witnessed on the National Stock Exchange too, where the Tata Motors counter fell 2.48 per cent to end at Rs 777.85. Over 5.52 crore shares changed hands on the two bourses.

The stock came under pressure on reports that the world's largest truck maker Daimler has decided to sell its residual 5 per cent stake in Tata Motors for over USD 400 million that too at a around 7 per cent discount.

The promoters of Tata Motors hold 38.08 per cent stake, of which Tata Sons holds 27.13 per cent while the rest is held by other group companies.