Tata Motors declines on profit booking

DALAL STREET SPIKES

Auto major Tata Motors declined sharply in Monday's trading after hitting the day's high of Rs 417. According to dealing room sources, there was aggressive profit booking at this counter at the fag end of the trading resulting in the stock crashing by more than Rs 10.

Against the previous day close of Rs 413.70, the stock closed at Rs 407.65, down 1.46 per cent from its previous close. Sources said, one of the leading fund is believed to have turned seller at the fag end, resulting in a sharp fall in the stock price.

The stock closed at Rs 407.65 on the NSE, backed by huge volumes of 46.85 lakh shares. Most auto stocks have witnessed volatile trades in the past few days on concerns of delayed monsoon. Analysts fear, inadequate monsoon can impact the profitability of auto companies as the rural demand will be adversely impacted.