Shares of Tata Motors (TMCV), the commercial vehicle arm of Tata Group’s automobile business, made its stock markets debut as a separate legal entity from , Wednesday, November 12. TMCV was listed at Rs 335 on NSE and Rs 330.25 BSE. Based on their listing price, TMCV delivered a healthy gain of 27-28 per cent to the investors based on its demerged value of around Rs 270 apeice.
The commercial vehicle arm Tata Motors (TMCV) will be listed ‘T’ Group or trade-to-trade segment. It means that intraday buy or selling will not be permitted in the stock and the circuit filter for the first 10 trading sessions will remain 5 per cent for either side.
The demerger and separate listing of TMCV is seen as a major step in unlocking long-term value for the investors of Tata Motors as it separated the fast-growing passenger vehicle and EV business from the more stable, cash-generating CV business, allowing investors to value each on its own strength. Market participants were expecting the listing of TMCV around Rs 320.
Investors should note that the commercial vehicle entity of the Tata Group will be known as Tata Motors (TMCV). The stock has been listed ‘T’ Group or trade-to-trade segment, implying that intraday buy or selling will not be permitted in the stock and the circuit filter for the first 10 trading sessions will remain 5 per cent.
On the other hand, the existing entity has been renamed as Tata Motors Passenger Vehicles (TMPV). The stock, which was listed around 399 on October 14, when the stock traded ex-demerger. Tata Motors Passenger Vehicles was trading at Rs 410 on Wednesday, nearly 3 per cent up since its separate listing 4 weeks ago.
The demerger ratio for consolidated entity of Tata Motors was fixed in 1:1 ratio as of record date of October 14, 2025, which means that all the eligible shareholders will get one share of both TMPV and TMCV for every Tata Motors share held, implying no dilution of ownership. TMCV is a steady, cash-rich, value-driven play backed by improving policy and economic tailwinds.
Jahol Prajapati, Research analyst at SAMCO Securities expected Tata Motors, the commercial vehicle arm, to list in the range of Rs 310-320 apiece, with a total market capitalization of 1.14 lakh crore. He implied Ashok Leyland’s EV/Ebitda value of 12.9 times. “The listing removes the ‘conglomerate discount’ and gives investors a focused bet on India’s commercial vehicle upcycle,” he said.
SBI Securities expects the stock is likely to trade between Rs 320-470 post listing. The domestic CV industry is likely to start recovering in H2FY26 on back of tailwinds such as GST rate reduction on CVs, replacement demand and pickup in the logistics, infrastructure and construction sectors.
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