Tata Motors shares edge lower after Mumbai's BEST takes 400 Tata CNG buses off roads

Tata Motors Share Price: Tata Motors inched lower in early deals on Thursday after Mumbai's civic transport body Brihanmumbai Electricity Supply and Transport Undertaking (BEST) removed 400 Tata CNG buses from the roads following three incidents of the vehicle catching fire. Tata Motors shares declined by as much as Rs 2.3 or 0.5 per cent to Rs 427.2 apiece on BSE.

BEST said the decision is in view of incidents of fire in the vehicle and that it would reverse the move once the safety of passengers is ensured. 

"Though it may cause inconvenience to commuters but public safety is of utmost importance to BEST and we can not compromise on that. There may be some changes in the schedules due to this. Commuters may keep this in mind while planning the journey for next few days," BEST said on Twitter.

In view of recent incidents of fire in TATA CNG buses operated by M/S Mateshwari Urban Transport Ltd BEST has decided to take all these 400 buses off road till the OEM & operator take necessary corrective measures to ensure that such incidents will not happen in future. (1/2)

— BEST Bus Transport (@myBESTBus) February 22, 2023

Selling pressure is likely to continue in Tata Motors shares, Equity Rush CEO Kunal Saraogi told Zee Business. He pointed out that the Tata Motors stock has cracked below crucial support at Rs 433 and can test the Rs 420 level, where he sees the next major support. 

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In a separate development, Tata Motors has begun discussions with soverign wealth funds and private equity investors to sell a minority stake in its electric vehicle division, according to news agency Reuters.  

Read here- Tata Motors in talks to raise $1 billion via stake sale in EV business

Tata Motors share price history 

Tata Motors shares have lost around 10 per cent of their value in the past one year, underperforming the Nifty50 benchmark which has risen 2.5 per cent during this period.

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