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3h ago

Tata Motors Starts Trading Ex‑CV After Demerger — Passenger‑Vehicle Stock Opens Near ₹400

Investors now await commercial‑vehicle listing in roughly 45–60 days, with temporary illiquidity plus JLR uncertainty shaping near‑term pricing.

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Tata Motors Demerger
Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility and Ockert Janse Van Rensburg, Chief Executive Officer, Motus Group with the Tata Curvv.
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Overview

  • Exchanges held a special 9–10 a.m. pre‑open session that discovered an initial price around ₹400 for the passenger‑vehicle entity, which then fell as much as 5.5% to ₹376.90 on the BSE.
  • Shareholders on the Oct. 14 record date will receive one TMLCV share for each Tata Motors share held, with both shares carrying a face value of ₹2.
  • TMLCV shares will be allotted and listed on BSE and NSE after regulatory approvals, a process the company says generally takes 45–60 days, and the CV shares will not trade until listing.
  • As part of the restructuring, ₹2,300 crore of non‑convertible debentures are being transferred to the CV unit; the PV entity (to be renamed Tata Motors Passenger Vehicles Ltd) houses domestic PV, EV stakes and JLR, while the CV arm will be renamed Tata Motors Ltd.
  • Derivatives were reset with new TMPVL contracts starting at 10 a.m., while the CV entity is not yet in F&O; broker models signal wide valuation ranges, including SBI Securities’ ₹285–₹384 for the PV arm and CV estimates near ₹274–₹312 from other houses.