Tata Group’s Mcap Dips Rs 90,000 Cr

Mumbai: Tata Group stocks saw a sharp decline on Monday, losing nearly Rs90,000 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 Rs2.3 lakh crore during intra-day trade.

By the end of the day, the total market cap stood at Rs25.3 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.