Daimler sold its stake in Tata

Daimler, the German car manufacturer, has reported to sell off its stake in Indian auto company Tata Motors. According to a higlhy placed source, Daimler had sold its entire 5.34% stakes in Tata Motors for about $429 million. The former was selling off its stake in India's Tata Motors through block deals of more then 24mn shares.The deal was executed on Tuesday at a weighted average price of 758.45 ruppes a share, as per the Bombay Exchange data.

It is to be mentiond thata Tata Motors announced had acquired Jaguar Land Rover from the Ford Motor Company and the total amount to be paid by Tata Motors for Jaguar Land Rover upon closing was around US $2.3 billions.