Tata Motors slips 4% amid Iveco deal reports, emerges as top Sensex loser

Shares of Tata Motors Ltd fell 4 per cent in Wednesday’s trade following reports that auto automaker was in talks to acquire Italy-based Iveco Group’s truck.

Tata Motors and the Iveco Group are reportedly close to finalising the deal. The automaker may acquire Iveco Group’s truck business from the Agnelli family for $4.5 billion, according to media reports. Business Today could not confirm the reports at the time of writing this article. An official confirmation from the automaker Tata Motors is still awaited. 

Following the reports, shares of Tata Motors were down 3.22 per cent at Rs 670.10 on BSE at 10:11 am. Earlier in the session, the stock hit a low of Rs 665.45, falling 3.8 per cent over its previous day's closing of Rs 692.40. With this, the stock is nearly 43 per cent down from its 52-week high of 1,179.05.

If the deal goes through, it would mark the Tata Group’s second-largest acquisition after the Corus deal and Tata Motors’ biggest since its $2.3 billion buyout of Jaguar Land Rover in 2008, ET reported.

Tata Motors emerged as the top loser on the BSE Sensex, followed by Eternal (down 0.77 per cent), Hindustan Unilever (down 0.73 per cent), and Reliance Industries (0.67 per cent).

Meanwhile, Larsen & Toubro emerged as the top gainer on the BSE Sensex, rallying 3.80 per cent to Rs 3,628. NTPC followed, rising 1 per cent. Bharti Airtel, Asian Paints, Sun Pharma, and Bajaj Finance also saw modest gains of 0.78 per cent, 0.76 per cent, 0.55 per cent, and 0.40 per cent, respectively.

Benchmark indices Sensex and Nifty50 extended gains in Wednesday’s trade, continuing their upward trend. The BSE Sensex rose 75.35 points, or 0.09 per cent, to 81,413.30, while the NSE Nifty50 advanced 26.45 points, or 0.11 per cent, to 24,847.55.