Tata Motors Commercial Vehicles (TMLCV) made its stock market debut on November 12, 2025, at 10 am on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) following the demerger of Tata Motors’ passenger and commercial vehicle segments. The shares opened at ₹335, representing a 28.7% premium over their implied valuation of ₹260, reaching an intraday high of ₹345 before settling at ₹332.25 by 10:20 am, reflecting a decrease of 0.82% from the opening price.
This listing signifies a critical step in Tata Motors’ restructuring initiative, which aimed to create independent entities for its passenger and commercial vehicle operations. In the first 20 minutes of trading, volumes were substantial, with 1,059,800 shares exchanged, resulting in a total market capitalization of ₹1,22,253.40 crore.
“Our commercial vehicle business is being listed with roughly seven million shareholders, maintaining the extensive retail shareholder base we had pre-demerger. This could set a record in India, underscoring our commitment to strong shareholder management and governance from the outset,” stated Girish Wagh, Managing Director and CEO of Tata Motors Ltd.
Wagh emphasized that Tata Motors’ India operations are focused on delivering customer value through product innovation and service excellence. He noted that internationally, the company is expanding partnerships and its presence in Africa, the Middle East, and Asia. Additionally, he mentioned that their downstream operations, which include parts and services, as well as smart mobility and digital offerings, are gaining traction and generating recurring revenue streams.
“In recent years, we have implemented structural changes that have resulted in significant margin growth, strong cash flows, and high capital returns, while also pivoting towards digital innovation and sustainability. Moving forward, we aim to fortify our financial health and drive profitable growth by leveraging technology to enhance customer value, improve operational efficiency, and promote decarbonization and circularity in our sustainability efforts,” Wagh added.
Abhinav Tiwari, a Research Analyst at Bonanza, anticipates volatility in the stock as retail and institutional investors adjust their portfolios after the demerger. He raised concerns about potential technical risks associated with index adjustments and portfolio rebalancing but remains optimistic about TMLCV’s long-term outlook, highlighting its market leadership and robust cash generation capabilities.
Tiwari also pointed out that Tata Motors’ recent acquisition of Italy’s Iveco could significantly enhance its global stature in the commercial vehicle sector. Buy orders totaled 1,386,000 shares compared to sell orders of 1,130,000 shares, signaling positive investor sentiment despite the initial morning fluctuations.
Published on November 12, 2025.
