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Shares of Tata Motors’ Commercial Vehicle (CV) made a strong debut on Wednesday, November 12, 2025, listing at a 28.48% premium over its implied value of Rs. 260.75 per share following the company’s demerger. The stock opened at Rs. 335 apiece on the NSE and Rs. 330.25 on the BSE.
The listing marks the official separation of Tata Motors’ commercial and passenger vehicle businesses as two separate companies: Tata Motors Commercial Vehicles Ltd (TMCV) and Tata Motors Passenger Vehicles Ltd (TMPV).
The effective date for the demerger of Tata Motors was October 1, 2025, and October 14 was set as the record date to determine shareholders eligible for the split. The CV arm was listed today under the ticker symbol ‘TMCVL’ in the ‘T’ Group of Securities on exchanges.
A total of 368 crore equity shares, each with a face value of Rs. 2, were admitted to trading. According to the BSE notice, the stock will remain in the trade-for-trade segment for the first 10 sessions to ensure a smooth price discovery process.
Tata Motors CV's shares quickly took off upon listing, rising to a high of Rs. 346.75 on the BSE and Rs. 345 on the NSE, reflecting a robust appetite from investors.
The demerger separates Tata Motors' rapidly growing passenger and electric vehicle (EV) businesses from its cash-generating commercial vehicle business.
Tata Motors Passenger Vehicles Ltd (TMPV) began trading as a separate entity on October 14 and was valued at around Rs. 400 per share post-adjustment.
According to Jahol Prajapati of SAMCO Securities, the separation “allows investors to evaluate the growth-oriented passenger vehicle and EV segments separately from the stable and profitable commercial vehicle arm,” adding that the move could drive long-term value creation.
Tata Motors' commercial vehicle segment continues to show resilience, with an increase in total CV sales by 10% YoY to 37,530 units in October 2025. The company sold 35,108 units, up 7%, while exports rose 56% to 2,422 units.
The company anticipates stable growth in the commercial segment, backed by growing infrastructure spending, consistent fleet demand, and renewed export momentum.
Analysts indicate that the demerger would likely bring stronger capital efficiency, a clearer strategic focus, and better valuation for both arms.
The Tata Motors Commercial Vehicle listing marks a milestone in the company’s 80-year journey, consolidating its position as a market leader while inviting renewed investor interest.
While the CV business has opened with a strong interest and the passenger vehicle business is already gaining traction, Tata Motors may have faster growth, cleaner valuation, and better brand recognition with its new twin-entity structure across its diversified automotive portfolio.
