Share price of Tata Motors declined more than three per cent on Wednesday, June 9, after the company incorporated a subsidiary named TML CV Mobility Solutions. On Wednesday, Tata Motors opened on the BSE at Rs 356.50, swinging to an intra day high of Rs 358.80 and an intra day low of Rs 339.60, in the trading session so far. According to a regulatory filing by the company to the stock exchanges, TML CV Mobility Solutions will provide end-to-end services of operating, repair etc.
The subsidiary will also involve the annual maintenance contracts (AMC) and fleet management services (FMS) for its product range, including the electric vehicles, electric buses, fuel cell buses, all types of commercial vehicles etc.
According to the statement, TML CV Mobility Solutions Limited is promoted by Tata Motors Limited and is a newly incorporated firm. The company has an authorized capital of 50,000 equity shares of Rs 10/- each aggregating to Rs 5,00,000, and Tata Motors Limited holds 100 per cent shareholding in TML CV Mobility Solutions Limited.
Shares of Tata Motors were last trading 3.13 per cent lower at Rs 341.80 on the BSE.