Tata Technologies Shares Down 4.69% in Early Trade

Shares of Tata Technologies fell by 4.69% to ₹672.50 apiece in the early morning trade today, April 29 on the NSE. The fall came on the back of continued profit booking and weakness in the technology stocks.

The stock witnessed a poor opening, followed by a drastic fall in the first hour of the trade. The scrip fell to the day low of ₹663.05. As of 10:36 am, Tata Technologies shares are trading at ₹664.80, down 5.78%. While market capitalisation of the company stands at ₹27,280 crore, P/E ratio and dividend yield is valued at 42.34 and 1.25% respectively.

Reasons for the drop in share price

The fall in the share price of Tata Technologies can be attributed to several reasons.

1. Investors are selling the stock to book profits

2. High P/E multiples in a volatile market have raised investor concerns over the company's valuation.

3. Investor sentiments remain weak amid mixed cues from the US markets.

Technical analysis

A fall below ₹660 may trigger short-term selling, while a recovery above ₹690 indicates stability.