Tata Chemical tanks after Tata Sons IPO casts doubt
Mumbai, March 11 -- Shares of Tata Chemicals were trading at Rs 1185, reflecting a drop of 9.88% from its previous closing price. It hit a low of Rs 1172.50 in early trade.
This correction comes after a surge of about 40% in the stock price in the past six session.
Market analysts attribute the sudden reversal to media reports suggesting the potential postponement or cancellation of the much-anticipated Tata Sons IPO. This news triggered a correction wave across Tata Group companies, including Tata Consumer and Tata Motors.
Adding to the pressure, a domestic broker reiterated its "sell" rating on Tata Chemicals, with a target price of Rs 780, about 35% lower than the current market price. The brokerage cited the uncertain outlook for t...
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