Tata Investment Corp stock hit 5% lower circuit for fifth straight session

Shares of Tata Investment Corp Ltd hit 5 percent lower circuit after a huge block deal. Around 35 crore shares of the company changed hands in a block deal, CNBC reported. However, details of the buyers and sellers of the deal were not known.

This was the fifth straight trading session when the stock hit a 5 percent lower circuit and declined around 22.6 percent during this period. At 11 am on March 15, the stock was trading at Rs 7,540.15 on BSE, down 5 percent from its previous close. Year to date, it has gained over 76 percent. Meanwhile, India's benchmark Sensex fell 0.66 percent to 72,611.98 points.

Tata Investment, a subsidiary of Tata Sons Pvt Ltd since 2008, specialises in long-term investments like equity shares. Tata Sons and other Tata Group firms collectively own about 73.38% of its capital.

Tata Group stocks have been volatile lately. After rising on the anticipation of Tata Sons' IPO, the shares later fell as reports suggested the IPO might not happen soon. Recently, amid Tata Sons' IPO speculations, some group stocks surged up to 36%. Tata Sons, classified as an "upper layer" NBFC, is obligated to list within three years of notification by the RBI, which was issued in September 2023, requiring listing by September 2025. The parent company is exploring options to comply with RBI norms.

Recently, Tata Investment announced it has appointed Savitha Narayanan as Chief Technology Officer and reappointed Ankan Mondal as Chief Risk Officer with effect from April 1, 2024. Further, Jenniefer Samuel has been appointed as Head of Internal Audit after the resignation of Kersi Bhagat.

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