Tata Company Delisted: Shares of Tata Motors, one of the largest companies of the Tata Group, have been delisted from the New York Stock Exchange ie NYSE. Giving information in this regard, Tata Motors has voluntarily de-listed its shares from the New York Stock Exchange. Since the end of business on Monday, the buying and selling of shares of the company has stopped in this stock market.
The company has given information in this regard through a regulatory notification. Due to regulatory restrictions imposed under Indian law, the company has suspended all trading of shares and trading in American Depository Receipts (ADS) on the US stock market with effect from Monday.
What should investors do?
Tata Motors has said that the ADS holders can deposit their shares with the depositories of the New York Exchange. The deadline for depositing these shares has been given before July 24, 2023. The remaining equity shares can be sold through the depository after the stipulated time. However, the company has also clarified that the current listing decision will have no impact on the trading of its equity shares on BSE and NAE in India.
Tie up with ICICI
Tata Motors Limited is an active Large Cap company operating in Auto sector. The market cap of this company is 14 thousand 208 crore 27 lakh crore rupees. Tata Motors on Monday announced that it has partnered with ICICI Bank to provide financing solutions to its authorized electric vehicle dealers. Under this partnership, the bank will provide dealer funding from banks as well as equity funding to authorized electric vehicle dealers for diesel and petrol models.
Buying an electric vehicle will be easy
Shailesh Chandra of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility has made an announcement in this regard. Chandra said, “Our dealer network is one of the key pillars of our industry. So we are always trying to create a wave of electric vehicles in India through this.” Chandra also expressed confidence that the deal with ICICI would facilitate manufacturing of electric vehicles and ease the procurement process.