Tata Motors share price fell in trade today a day after the stock surged 10% intra day, the highest gain in three years. Tata Motors share price fell 3% to 188.10 compared to its previous close of 194 on profit-booking. The stock touched an intra day high of 198.30, rising 2.22%.
On Nifty too, Tata Motors lost over 3% to 187.95. Tata Motors share was the top loser on Sensex and Nifty today.
Tata Motors share has fallen after three days of consecutive gain.
Tata Motors share price has risen 9.59% since the beginning of this year and lost 45.43% during the last one year. 16 of 38 brokerages rate Tata Motors "buy" or 'outperform', 18 "hold" and three "underperform" and one "sell", according to analysts' recommendations tracked by Reuters.
The Tata Motors share price is trading above its 50-day moving average of 174.05 and below its 200 day moving average of 195.29, respectively.
Tata Motors turnover stood at Rs 26.88 crore with 14.03 lakh shares changing hands on the BSE.
On Tuesday, Tata Motors share price rose over 10% intra day after the firm reported its best ever February sales In the US. Jaguar Land Rover February sales reached 11,616 units, a 29 percent increase from 9,013 units in February 2018.
Jaguar sales zoomed to 3,465 units, a 59 percent increase from 2,185 units in February 2018.
Sales for Land Rover brand were the best ever, up 19 percent for the year.
Land Rover clocked its best ever February sales with 8,151 units, an increase of 19 percent from 6,828 in February 2018.
Macquarie raised the price target for the stock to Rs 260 citing an increase in average incentives due to a rise in incentives on jaguar models. The brokerage expects JLR's cost reduction plans to yield positive results in 2019. The upgrade in the stock price comes amid falling sales for the Indian auto behemoth.
Meanwhile, at home, Tata Motors reported a three percent decline in domestic sales to 57,221 units in February 2019 as compared with 58,993 units in the same month last year. The company's passenger vehicle sales in the domestic market increased two per cent to 18,110 units last month, compared with 17,771 units in the year-ago period.
The company said its commercial vehicle (CV) sales in the domestic market stood at 39,111 units in February, down five per cent from 41,222 units in the same month of 2018.
Edited by Aseem Thapliyal