Tata Motors shares down nearly 3%; m-cap dips Rs 6,876 cr

Shares of Tata Motors today came under selling pressure by falling nearly 3 per cent, eroding Rs 6,876 crore from its market valuation, even as the company plans to raise up to Rs 7,500 crore via rights issue.
After falling 2.96 per cent to Rs 587.15 in intra-day trade, shares of Tata Motors finally ended at Rs 589.15, down 2.64 per cent at the BSE.
On the NSE, it settled 2.73 per cent lower at Rs 588.05.
Tracking weakness in the stock, the company's market value dipped by Rs 6,875.79 crore to Rs 1,58,722.21 crore.
In terms of volume, 4.36 lakh shares of the company changed hands at the BSE and more than 82 lakh shares were traded at the NSE during the day.

The company's board has approved seeking shareholders' approval through a postal ballot for raising funds up to Rs 7,500 crore through a rights issue of ordinary shares for meeting the company's growth plans as well as for reducing the debt on its balance sheet, Tata Motors said in a statement.
The quantum, pricing and timing of the issue will be decided later, depending on market conditions post the shareholders' and other approvals, it added.