Mumbai, April 7 (IANS) Tata Group stocks saw a sharp decline on Monday, losing nearly Rs 90,000 crore in market value amid a global market selloff.
A total of 16 Tata companies were affected, with their combined market capitalisation dropping by around Rs 2.3 lakh crore during intra-day trade.
By the end of the day, the total market cap stood at Rs 25.3 lakh crore. Shares of Trent Limited, Tata Steel Limited, Tata Technologies Limited, and Indian Hotels Co. were among the biggest losers within the group.
Trent, the apparel retail company, fell nearly 15 per cent after analysts gave cautious views on its fourth-quarter (Q4) performance.
Although the company reported a 28 per cent year-on-year (YoY) rise in sales, this was a slowdown compared to 37 per cent growth in the previous quarter.
The stock even hit a near one-year low and revised its lower circuit limit, falling as much as 18 per cent during the session.
Tata Steel shares dropped to their lowest level in more than two months and were the biggest drag on the Nifty Metal index, which itself tumbled 8.6 per cent.
The broader metal sector came under pressure due to fears of volatility in global commodity prices after US President Donald Trump announced aggressive tariffs, which led to concerns of a trade war.
Tata Technologies, which provides product engineering and digital solutions, fell almost 6 per cent to an all-time low of Rs 597 apiece.
Tata Motors also saw a sharp drop of nearly 13 per cent after its luxury vehicle arm, Jaguar Land Rover, announced a pause in exports to the US.
This move came in response to the new auto tariffs imposed by the US government. Although Indian automakers have limited exposure to the US market, Tata Motors may still feel the impact through JLR.
Meanwhile, other Tata companies such as Tata Consultancy Services (TCS), Tata Chemicals, and Titan Company were relatively stable, falling less than 2 per cent during the intra-day session.
–IANS
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