Overview

• The passenger-vehicle entity opened around Rs 399–400 in a special pre-open session, reflecting a technical price reset as the commercial-vehicle business was carved out.
• After the price discovery, the PV stock slipped to about Rs 377 on the BSE before rebounding more than 5% to roughly Rs 421 in late-morning trade.
• Eligible holders will be allotted one share of TML Commercial Vehicles Ltd for each share owned, and those CV shares will remain non-tradable until formal BSE/NSE listing, typically 45–60 days after filings.
• The listed PV company is now Tata Motors Passenger Vehicles Ltd; the CV arm is TMLCV, proposed to be renamed Tata Motors Ltd, with face value of Rs 2 for both and F&O reintroduced only for the PV entity.
• Broker views diverged on post-split values, with SBI Securities guiding Rs 285–384 for the PV stock, Nomura at Rs 367 for PV and Rs 365 for CV, and Nuvama implying roughly Rs 274 for CV, while JLR headwinds and a ₹2,300 crore NCD transfer to TMLCV remain key factors.