NEW DELHI, Feb 1
Tata Motors, on Tuesday, became the country’s most valuable auto company by market capitalisation, combining the company’s valuation as well as the DVR shares, racing past Maruti Suzuki India.
Shares of Tata Motors climbed 2.19 per cent to settle at Rs 859.25 apiece on the BSE. During the day, it jumped 5.40 per cent to reach its 52-week high of Rs 886.30.
Tata Motors Ltd – DVR stock gained 1.63 per cent to Rs 572.65.
However, shares of Maruti dipped 0.36 per cent to Rs 9,957.25.
The combined market valuation of Tata Motors (Rs 2,85,515.64 crore) and Tata Motors Ltd – DVR (Rs 29,119.42 crore) stood at Rs 3,14,635.06 crore. This was Rs 1,576.56 crore more than Maruti’s Rs 3,13,058.50 crore valuation.
Tata Motors was the biggest gainer among the Sensex and Nifty firms.
DVR (Differential Voting Rights) shares are like ordinary equity shares but with differential voting rights. Companies issue DVRs for several reasons such as prevention of a hostile takeover and to bring in retail investors.
