Why Tata Power Shares Are Slumping Today

Tata Power‘s share price continue to fall for the third straight session on Friday as the stock slumped over 2% to hit an intraday low of ₹215.70.

What Happened: The slump today comes as media reports suggest that the company is looking to sell some of its foreign assets to raise funds. As per reports, the company is planning to raise around ₹2,500 crore. It is reportedly looking to sell off its hydro assets in Zambia and two coal mines in Indonesia.

The Tata Group company has had a mixed 2023. After slumping to record lows earlier this year, the stock has made a strong recovery in the past two months.

See Also: What Is Air India’s Share Price And How To Buy

The company reported its earning for the March quarter last month. The energy giant reported a significant increase in its net profits, reaching ₹939 crore, representing a growth of over 48% compared to the ₹632 crore profit recorded in the previous quarter of 2022. The consolidated revenue experienced a 6% growth, reaching ₹12,755 crore compared to ₹12,085 crore in the corresponding period of the previous year.

The numbers received a mixed reaction from brokerages. Here are the latest analyst calls on the stock.

Brokerage FirmRatingTarget Price
SharekhanBuy₹245
HDFC SecuritiesAdd ₹243
Geojit BNP ParibasHold₹224
CLSASell₹189

Price Action: Tata Power’s share price was down 1.97% to trade at ₹216.75 shortly after the markets opened on Friday.

Read Next: Paytm Over ₹1,000? Why This Global Analyst Sees Stock Rallying Another 17%

Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: MoversTrading IdeasTata GroupTata Power