Mumbai: Shares of Tata Motors soared as much as eight per cent on the domestic bourses in the morning trade on Monday as the company is scheduled to launch its much-awaited and the world's least expensive car, Nano, later in the day.
On the Bombay Stock Exchange, Tata Motors opened on a firm note and surged over eight per cent to touch an intra-day high of Rs 173.85.
Similarly, on the National Stock Exchange, the scrip opened at Rs 165 and soon witnessed a rally and jumped 7.76 per cent from its previous close to touch a high of Rs 173.40.
Marketmen said the surge in the counter is largely due to the fact that Nano's commercial launch would mark a milestone in a journey and the car has the potential to redefine the personal transportation in modern India.
On the volume front, over 6.2 lakh shares exchanged hands on the BSE and 20.36 lakh shares got traded on the NSE.
Tata Motors was later quoted at Rs 170, up 5.66 per cent on the NSE. It was trading at Rs 169.75 on the BSE, up by 5.5 per cent.
The customers of Nano -- described as "People's Car" by Tata Group Chairman Ratan Tata -- can expect to own a four-wheeler at a price between Rs 1.20 lakh and Rs 1.30 lakh.
After the launch in Mumbai, Nano would be displayed at the company's dealerships from the first week of April, while the bookings would start from the following week.
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