Tata Motors Commercial Vehicles Arm Set to List on Stock Exchanges

Tata Motors’ long-planned corporate restructuring is entering its final stage as its commercial vehicles (CV) business is set to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) on November 12, 2025.

According to notices issued by the exchanges, the entity currently known as TML Commercial Vehicles Ltd. (TMLCV) will be admitted to trading under the “T Group of Securities”.

Demerger Structure and Listing Details

Under the demerger scheme announced earlier, Tata Motors has split into two listed entities:

• The commercial vehicle business, along with related investments, will be housed in TMLCV.

• The passenger vehicles business, including electric vehicles (EVs) and the Jaguar Land Rover (JLR) brand, along with related investments, now operates as Tata Motors Passenger Vehicles Ltd. (TMPV).

As per the record date of October 14, 2025, the entitlement ratio is 1:1, meaning shareholders of Tata Motors received one share of the CV business for each share held.

The listing will admit approximately 368 crore equity shares of face value ₹2 each under the ticker “TMCV” (or “TATAMOTORSCV”), depending on the exchange notice.

For its first ten trading sessions, the CV business stock will be placed in the trade-for-trade segment, meaning no intra-day trading is permitted—only delivery trades are allowed.

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How the Passenger Vehicle Arm Is Performing

The passenger vehicle entity TMPV began independent trading on October 14, 2025. At the time of its listing, shares were pegged around ₹400 per share. Based on the pre-demerger closing price of ₹660.75 for the former Tata Motors, the implied residual value of the CV arm had been estimated at around ₹260-₹270 per share.

In early trade on a recent day, TMPV shares were trading at around ₹402.85 on the NSE, showing a roughly 2% decline.

Significance for Investors

This listing completes the demerger process for Tata Motors and creates two clearly defined public companies each focusing on distinct business segments: commercial vehicles on one side, passenger and EVs (including JLR) on the other.  For shareholders of the original Tata Motors, their holdings remain unchanged in quantity (one share becomes one share of each entity), but now split into two listed stocks.

The listing of the CV business opens up a new investment opportunity for those looking to gain exposure to commercial vehicles and logistics infrastructure, while the passenger-vehicle entity targets consumer and premium automotive growth.

What Investors Should Monitor

• How the CV arm (TMCV) is valued at debut and how it trades in the market.

• The impact of the trade-for-trade restriction on liquidity during the initial ten sessions.

• The future performance and earnings of both entities will now that they operate independently.

• Market perception and valuation differential between the CV and passenger vehicle segments.

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