Tata Power Company Ltd Shares traded at 419.05 per share on the BSE on Friday, a 0.89 per cent drop from the previous day’s close. The stock opened lower in the early sessions and continued to fall throughout the day, raising concerns from investors trying to determine the reason for this decline.
Analysts believe that Tata Power Company Ltd. shares dropped because of the recent report on the company’s quarterly earnings, which failed to meet market expectations. The rising costs of natural resources like coal and natural gas leave investors worried about the companies’ ability to maintain profitability in the future.
Notably, S&P Global Ratings upped Tata Power’s credit rating to BBB from BB+ on Wednesday, and the rating agency said that Tata Power’s outlook was positive. This was the opposite of the “Credit watch with positive implications” in place since June 13 2024.
The Indian market has an overall bearish sentiment, which has led to a sell-off of stocks across many sectors, including energy, where Tata Power is a major player. Investors should monitor Tata shares closely in the coming days to see how they respond to the news.
TATA Power share price today, August 23, 2024.
This post was last modified on Aug 23, 2024, 12:06 BST 12:06