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Tata Motors shares plunge over 6%; market cap drops by Rs 5,283 cr

New Delhi: Shares of Tata Motors slumped over 6 percent on Monday, wiping out Rs 5,283 crore from its market valuation amid concerns over auto tariff threat by the US.

The stock dropped 5.94 percent to settle at Rs 289.85 on BSE. During the day, it tanked 6.53 percent to Rs 288.

On NSE, shares of the company plunged 6.31 percent to close at Rs 288.55.

 Tata Motors shares plunge over 6%; market cap drops by Rs 5,283 cr

Representational image. Reuters.

Led by the sharp fall in the stock, the company's market valuation tumbled Rs 5,283.2 crore to Rs 83,689.80 crore.

The stock was the worst hit among blue chips on both key indices.

In terms of equity volume, 13.75 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day.

US President Donald Trump on Friday threatened to slap a 20 percent duty on all cars imported from Europe unless the European Union removed its trade barriers and tariffs on dozens of American products which took effect.

Meanwhile, Tata Motors-owned Jaguar Land Rover has lined up investment worth 13.5 billion pounds (around Rs 1.2 lakh crore) in the next three years on new models, technology development and capacity addition.

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Updated Date: Jun 25, 2018 18:35:09 IST