Market Movers: EV wave sweeps D-Street with Tata Motors leading the pack

MUMBAI: While the talk around electric vehicles has been around for some time now in India, but today marked a red-letter day for the technology of the future as Tata Motors NSE -1.65 %’ shares skyrocketed over 21 per cent.

The company on Tuesday announced that private equity firm TPG will be investing close to $1 billion in its electric vehicle subsidiary at a valuation of $9.1 billion. The announcement sparked a slew of rating and price target upgrades from Dalal Street and triggered an instant rerating in the stock.

While a more than 20 per cent move in one day is bound to raise questions over sustainability but analysts believe that best is yet to come.