Tata Motors, Tata Steel down up to 2% after a huge block deal

Huge block deals were executed on Tata Motors and Himatsingka Seide counters on the BSE in Friday's trade.

Tata Motors saw 83.6 million shares or 2.85% of total equity of Tata Group Company exchanging hands on the BSE.

Tata Steel last week on Saturday informed the stock exchanges that the company proposed to sell 83.6 million equity shares of Tata Motors to Tata Sons on or after June 23. These shares of the automaker are valued at Rs 3,787 crore, at the market price of Rs 453.1 a share on the BSE at 09:15 am.

Shares of Tata Motors were trading 1% lower at Rs 449, while Tata Steel was down 2% at Rs 504 on BSE.

Himatsingka Seide, meanwhile, rallied 12% to Rs 384, after more than 2% of total equity of textile Company changed hands on BSE in early morning trade.

At 09:15 am; around 2.37 million equity shares representing 2.4% of total equity of Himatsingka Seide have changed hands, the BSE data shows.

The name of buyers and sellers were not ascertained immediately.

As of March 2017, Franklin India Smaller Companies Fund, DSP Blackrock Balanced Fund and Sundaram Mutual Fund A/c Sundaram Smile Fund held more than two percentage point’s stake in Himatsingka Seide.

Tata Motors