Why This Tata Stock Is Slumping 3% Today

Tata Power’s share price slumped down in the red on Thursday morning after a two-day winning streak. The stock went down close to 3% to hit an intraday low of ₹265.10.

What Happened: Shares of the Tata Group company are downbeat today as Morgan Stanley maintained its “underweight” rating on the stock. The analysts at Morgan Stanley have set a price target of ₹213, which indicates a 21% downside from the stock’s last closing price of ₹273.40.

See also: Tata Technologies Lists At 140% Premium, Shares Hit ₹1,400 High

Shares of the company have made a quite recovery this year. After hitting a new 52-week low in March this year, the stock has surged up quite a bit. In just the last 30 days, the stock has jumped up over 11%.

Earlier in the week, the company had announced that its subsidiary Tata Power Renewable Energy Limited has bagged a critical 200 megawatts Firm and Dispatchable Renewable Energy (FDRE) project with SJVN Limited.

Price Action: Tata Power’s share price was down 2.40% to trade at ₹266.85 in early trade on Thursday.

Read Next: Truecaller Signs Deal With Tata Tele Business Services To Protect Customers With High-Tech Caller ID

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