Tata Motors slips owing to Nano cancellations

Tata Motors slipped to a low of Rs 701 and finally settled at Rs 705, down 3.5% from its previous close. The counter witnessed trades of 1.24 million shares as against the two-week daily average traded volumes of 939,906 shares on the BSE.
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(Updated at 1027hrs)

Tata Motors has slipped owing to cancellations for Tata Nano.

The stock opened at Rs 735 but then slipped into the negative to touch a low of Rs 720. The stock is now trading at Rs 723, down 1% from its previous close. The counter has clocked volumes of 117,970 shares as compared tot he two-week daily average tarded volumes of 939,906 shares.

Banks as well as Tata Motors dealers indicated a 10-15% cancellation of Nano over the past few months. Those customers who were given delivery dates of 2010-end and early 2011 pulled out, they said.