Stocktwits - Tata Technologies’ stock fell as much as 6% intraday, after a large block deal involving 3.95% of its equity (about 1.6 crore shares) changed hands for roughly ₹1,094 crore.
The shares were sold at ₹683 apiece, representing a 3% discount to the previous session’s close.
According to a report by CNBC-TV18, the likely seller was TPG Rise Climate, a private equity firm that has been gradually paring its stake in Tata Technologies.
This sizable offloading by a major institutional investor triggered selling pressure, making Tata Technologies one of the worst performers on the NSE Nifty 500 indices on Tuesday.
Earlier this month, the Pune-based Tata company reported a strong 20% year-on-year (YoY) rise in Q4 net profit. However revenue growth was flat and margins narrowed slightly, raising concerns about future growth momentum.
Goldman Sachs (NYSE:GS) maintains a ‘Sell’ rating on the stock with a target price of ₹550, indicating a 21% downside.
However, data on Stocktwits shows that retail sentiment remains ‘extremely bullish’ on the counter amidst high message volumes.
Tata Tech sentiment and message volume on April 29 as of 12:30 pm IST. | source: Stocktwits Tata Tech stock has fallen over 25% year-to-date (YTD).