Tata Motors‘ share price was in the red on Tuesday morning continuing its downtrend. The stock has slumped around 7% in the last 30 days.

What Happened: The slump today comes even as Tata Motors secured an order to supply 1,000 units of the Tata LPO 1618 diesel bus chassis to the Uttar Pradesh State Road Transport Corporation (UPSRTC).

The announcement came after Tata Motors emerged victorious in a competitive e-bidding process conducted through the Government tendering process. The bus chassis will be delivered in phases, according to mutually agreed terms. This follows a successful delivery of a larger order of 1,350 bus chassis to UPSRTC last year.

The Tata LPO 1618 diesel bus chassis is designed for safe intercity and long-distance travel, offering superior performance and excellent passenger comfort with a low total cost of ownership (TCO).

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This order comes at a time when Tata Motors has been facing pressure in the market. Earlier this month, the company’s shares dipped nearly 3% after Mahindra & Mahindra surpassed Tata Motors in domestic sales for the first time in over half a decade.

Despite this, mutual funds increased their stake in the company, buying a net 9.36 crore shares of the Tata Group in September, bringing the mutual fund holding in the stock to 10.58%.

Furthermore, analysts at Sharekhan remain strongly bullish on the auto giant, maintaining a “buy” rating on the stock with a target price of ₹1,319, indicating an around 40% upside from the stock's last closing price of around ₹930.

Price Action: Tata Motors’ share price was down 0.88% to trade at ₹895.35 as the markets opened on Tuesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.