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The selling pressure in Tata Tech's stock was amid high volumes with over 62.76 shares changing hands on the NSE at 9:50 am. The price correction also ensured its market cap slipped below its peer Tata Elxsi.
"The company's global presence and expertise in engineering solutions have positioned it as a preferred partner for multinational corporations across diverse industries. Its diversified customer portfolio, robust delivery network, and emphasis on innovation further solidify its competitive advantage," Shivani Nyati of Swastika Investmart said.
Last heard, shares of Tata Technologies were commanding a premium of Rs 425 per share in the grey market, suggesting a listing pop of 85 per cent for the investors.
Tata Technologies GMP soared 83 percent over the IPO price to Rs 415
At a 140% premium over the issue price of Rs 500, Tata Technologies' listing price of Rs 1,200 beat Street's estimates. While the stock was expected to double on the listing, it went far beyond, hitting the day's high of Rs 1,400 on the NSE or a 180% uptick over the upper IPO price band.