Tata Motors‘ share price dropped over 2% as soon as the markets opened on Tuesday hitting an intraday low of ₹963.50.

What Happened: The drop comes as 1.9 crore shares, representing 0.4% of the company’s total equity, were traded in a block deal on Tuesday, September 17.

The shares were exchanged at an average price of ₹970 per share, amounting to a total transaction value of ₹1,758 crore, as per reports. This is around 2% lower from the stock’s last closing price of ₹988.80.

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Tata Motors’ stock has been on a downward trend, primarily driven by the company’s August sales falling short of analysts’ expectations and a bearish outlook from UBS.

UBS reiterated a “sell” rating on Tata Motors, citing concerns related to its Jaguar Land Rover division, which further pressured the stock price. In the last 30 days, the stock has gone down over 11%.

However, late last week, JP Morgan and BofA Securities both reiterated their bullish outlook on the stock. JP Morgan reiterated its "overweight" rating on Tata Motors with a target price of ₹1250. BofA Securities also retained its "buy" rating on Tata Motors with a target price of ₹1280.

Price Action: Tata Motors’ share price was down 2.22% to trade at ₹966.50 shortly after market open on Tuesday.

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