Tata Motors CV Shares List at ₹335 on NSE with 28% Premium Post-Demerger

Tata Motors’ newly demerged Commercial Vehicles (CV) arm made a strong debut on Wednesday, November 12, with shares listing at a 28% premium to their implied value. On the NSE, Tata Motors CV shares opened at ₹335 apiece, while on the BSE, they debuted at ₹330.25 per share.

The listing marks a major milestone following the company’s long-awaited demerger, which officially came into effect on October 1, 2025.

Tata Motors CV Listing Highlights

• NSE Listing Price: ₹335 per share (up 28.48% from implied value ₹260.75)
• BSE Listing Price: ₹330.25 per share (up 26.09% from ₹261.90)
• Ticker Symbol: TMCVL
• Total Shares Listed: 368 crore equity shares (face value ₹2 each)
• Trade Segment: ‘T’ Group — trade-for-trade basis for the first 10 sessions

According to a BSE notice, the trade-for-trade restriction aims to facilitate a smooth price discovery process for investors during the initial trading days.

Demerger and Valuation Details

The Tata Motors demerger separated the company into two independent entities — Tata Motors Passenger Vehicles Ltd (TMPV) and Tata Motors Commercial Vehicles Ltd (TMCVL).

The record date for the demerger was October 14, 2025, with TMPV shares beginning to trade as a standalone entity from the same date, valued around ₹400 per share.

Based on the pre-demerger price of ₹660.75, analysts had estimated the implied value of Tata Motors’ CV business between ₹260–₹270 per share — making today’s premium listing a strong start for investors.

Analyst Reactions

Abhinav Tiwari (Bonanza Research):

“Given Tata Motors’ market leadership, strong cash flows, and recent Iveco acquisition, the CV arm is well-positioned to expand globally. Some volatility is expected as portfolios rebalance post-demerger.”

Prashanth Tapse (Mehta Equities):

“We anticipated a listing range of ₹300–₹350, reflecting standalone visibility and growth prospects. Valuation rerating could follow once clarity on independent financials and strategy emerges.”

Jahol Prajapati (SAMCO Securities):

“Tata Motors CV arm, with FY25 revenue of ₹75,055 crore and EBITDA of ₹8,856 crore, holds a fair value of around ₹310–₹320 per share. The listing eliminates the conglomerate discount and offers a focused play on India’s commercial vehicle upcycle.”

Market Performance Post-Listing

Post-listing, Tata Motors CV shares rose to ₹346.75 on the BSE and ₹345.00 on the NSE within minutes of debut. Meanwhile, Tata Motors Passenger Vehicles (TMPV) shares traded higher at ₹411.35 apiece, reflecting positive sentiment around the restructuring.