Tata Motors shares drop almost 3.50 pc; mkt valuation erodes by Rs 8,818.93 cr

New Delhi, Jul 30 (PTI) Shares of Tata Motors dropped almost 3.50 per cent on Wednesday amid reports that the auto major was in advanced talks to acquire the truck division of an Italian company in a USD 4.5 billion deal.

The stock declined 3.47 per cent to end at Rs 668.40 apiece on the BSE. Intra-day, it tanked 3.89 per cent to Rs 665.45.

On the NSE, shares of the firm went lower by 3.45 per cent to Rs 668.45 each.

"On the flip side, Tata Motors is down amid concerns linked to its acquisition of an Italian company," Gaurav Garg, Analyst at Lemonn Markets Desk, said.

The company's market valuation eroded by Rs 8,818.93 crore to Rs 2,46,085.52 crore.

The stock emerged as the biggest laggard among the Sensex and Nifty firms.

The BSE has sought clarification from Tata Motors Ltd on Wednesday with reference to news quoting "Tata Motors slides over 4 per cent as talks emerge on potential $4.5 billion Iveco deal". PTI SUM SUM SHW