Tata Motors denies JLR IPO; shares up 2%

Key highlights:

• Reports of Tata Group planning to list JLR
• Shares of Tata Motors rises over 2% in early trade
• Report suggests that Tata Group looking at LSE and NYSE for listing of JLR

Tata Motors shares rose 2% in early trade on Tuesday after media reports suggesting initial public offering (IPO) for its British luxury car subsidiary Jaguar Land Rover (JLR) emerged. The company, however, denied any such move. 

Shares of the company rose by 2.54% on BSE or Rs 11.50 at Rs 463.80 per piece at 09:33 hours. On NSE too the shares were trading up 2.54% or Rs 11.50, at Rs 463.85 per piece at the same time.

Tata Motors spokesperson, a few hours later, denied the report. The spokesperson said that there are no plans to list JLR and that there is no truth in those rumours.

According to the Bloomberg report late on Monday, quoting unnamed sources with knowledge of the matter, said that the Tata Group was considering to list JLR on an international stock exchange.

It said that senior Tata Group officials have held preliminary internal discussions over the past few months about the potential listing of JLR on an international stock exchange.

It said that Tata Group is weighing London Stock Exchange (LSE) and New York Stock Exchange (NYSE) as listing markets for JLR.