Tata Motors Commercial Vehicles (TMLCV) made its stock market debut on Wednesday, November 12, 2025, at 10 am on and , following the demerger of Tata Motors’ passenger and commercial vehicle businesses. The shares opened at ₹335, a 28.7 per cent premium to their implied valuation of ₹260, and touched an intraday high of ₹345 before settling at ₹332.25 by 10.20 am, down 0.82 per cent from the opening price.
The listing marks a significant milestone in ’ restructuring plan that separated its passenger vehicle and commercial vehicle operations into independent entities. Trading volumes were robust in the first 20 minutes, with 105.98 lakh shares changing hands, valuing the company at a total market cap of ₹1,22,253.40 crore.
“Tata Motors Commercial Vehicles business is being listed with approximately seven million shareholders, the same extensive retail shareholder base as pre-de-merger. It is therefore likely setting a record in India, and this scale underscores our responsibility to uphold strong shareholder management and governance from day one,” said Girish Wagh, MD & CEO, Tata Motors Ltd.
“Our India business continues to lead with a sharp focus on customer value, product innovation, and service excellence. Internationally, we are scaling with deeper partnerships and expanding our footprint across Africa, the Middle East, and Asia. Our downstream businesses that include parts and services, smart mobility, and digital are gaining traction and creating recurring revenue streams,” he added.
“Over the last few years, we have driven structural shifts within the business, which have yielded results in the form of strong margin growth, robust cash flows, and high return on capital employed, while pivoting decisively towards digital and sustainability Here on, we will accelerate our efforts to build a financially fit company, delivering profitable growth, build a company that is leveraging digital and technology to enhance customer value, ecosystem integration, and operational efficiency, while accelerating decarbonization and circularity as a part of our sustainability transition,” said Wagh.
Abhinav Tiwari, Research Analyst at Bonanza, expects the stock to experience volatility as retail and institutional investors recalibrate their portfolios post-demerger. He cautioned about technical risks from index adjustments and portfolio rebalancing. However, Tiwari remains optimistic about TMLCV’s long-term prospects, citing its market leadership position and steady cash generation capabilities.
The analyst also highlighted that the recent acquisition of Italy’s Iveco could transform Tata’s global presence in the commercial vehicle segment. Buy quantity stood at 13.86 lakh shares against sell quantity of 11.30 lakh shares, indicating positive investor sentiment despite early morning volatility.