Newly-listed Tata Capital shares drop over 3 pc

New Delhi, Oct 14 (PTI) Shares of non-banking financial company Tata Capital Ltd declined over 3 per cent on Tuesday, a day after making its market debut.

The stock ended at Rs 319.75, down 3.22 per cent from the previous close on the BSE. During the day, it dropped 3.43 per cent to Rs 319.05.

At the NSE, the stock declined 3.23 per cent to settle at Rs 319.80.

Shares of Tata Capital Ltd on Monday made a muted market debut and ended over 1 per cent higher against the issue price of Rs 326.

The initial public offering of Tata Capital Ltd was fully subscribed on the final day of bidding last Wednesday. The company's Rs 15,512 crore share sale received 1.95 times subscription.

Tata Capital's IPO was the biggest issue of this year.

This marked Tata Group's second public listing in recent years, following the debut of Tata Technologies in November 2023.

The IPO was floated in line with the Reserve Bank of India's (RBI) listing mandate for upper-layer NBFCs, which requires them to be listed within three years of classification.

Tata Capital was designated as an upper-layer NBFC in September 2022.

With a portfolio of more than 25 lending products, the company caters to a diverse customer base, including salaried and self-employed individuals, entrepreneurs, small businesses, SMEs, and corporates.

In addition to lending, Tata Capital distributes third-party products, such as insurance and credit cards, offers wealth management services, and acts as a sponsor and investment manager to private equity funds. PTI SUM SUM BAL BAL