Tata Motors, Tata Power sign MoU to set up 200 fast charging stations - Check Details

Tata Power EV Charging Solutions Limited, a subsidiary of Tata Power, on Thursday informed exchanges that it has signed a Memorandum of Understanding (MoU) with Tata Motors Limited to set up 200 fast-charging stations for electric commercial vehicles (CV) in all metros cities.

As part of this initiative, Tata Motors and Tata Power will provide exclusive charging tariffs for Tata Motors' electric CV owners, resulting in lower operating costs and increased profitability for its customers. Electric CV users across the country, will soon benefit from access to almost 1000 strategically located fast chargers, with the planned expansion of the charging network.

Meanwhile, shares of Tata Motors ended the session at Rs Rs 986.05 - with a gain of 1.03 per cent from the previous close of Rs 976 on the BSE. Similarly, shares of Tata Power ended the session at Rs 439.80 against the previous close of Rs 435.80.

Earlier on Wednesday, shares of Tata Motors tumbled nearly 6 per cent wiping out Rs 21,881 crore from its market valuation and dragging the benchmark indices lower.

The stock declined 5.74 per cent to settle at Rs 976 on the BSE. During the day, it tanked 6.12 per cent to Rs 972.

At the NSE, shares of the firm slumped 5.73 per cent to Rs 976.40.

The company's market valuation also eroded by Rs 21,881.23 crore to Rs 3,59,227.59 crore.

The stock was the biggest laggard on the Sensex and Nifty.

Tata Motors shares have been falling for the past nine days, tumbling 12.82 per cent.