Tata Investment Corp Ltd slipped 5 percent on full-volume each, and the stock hit the lower circuit after a significant block deal had been observed. A total of 35 crore shares of the company changed hands in the block deal, but the buyers’ and sellers’ names have not been made public.
The stock recorded its fifth straight 5 percent lower circuit trading session this morning and has now dropped 22.6 percent during the period.
At 11:00 a.m., the stock traded at Rs 7,540.15, down 5% from the previous close.
The year-to-date change is now over 76 percent, compared to a 0.66 percent decline in India’s benchmark Sensex to 72,611.98 points. Tata Investment Corporation was founded in 1937 and is headquartered in Mumbai. Established in 2008 as a subsidiary of Tata Sons Pvt Ltd, it is a non-banking financial company. Tata Sons and other Tata Group entities hold about 73.38% of its capital.
Tata Group firms’ stocks have been on a volatile trend after they initially soared in anticipation of Tata Sons’ IPO and subsequently fell amid rumours that the IPO may be postponed. Following speculation of Tata Sons’ IPO, several of these group firms had prices climb as much as 36 per cent.
Tata Sons is designated an “upper layer” non-bank financial company and must be listed three years after the Reserve Bank of India’s notice of listing, which occurred in September 2023, therefore prompting Tata Sons to list by September 2025. As a result, Tata Sons is looking at several options to enact the RBI provisions.
