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"The IWL Committee of the Board of Directors for Operations of the Company in their meeting held today i.e. 18 January, 2022 have accorded its approval to participate in the proposed offer through an offer for sale of equity shares aggregating up to an amount of Rs 400 crore," a BSE filing stated.

However, the company stated that its net profit was Rs 81.25 crore for the quarter ended September 30, 2021. Its total income stood at Rs 688.52 crore in the quarter ended December 2021.

“Chemistry and material science development is proceeding further and which is what I think the Indian government could really focus on if it wants to make EVs a big thing in India. Reality is we are so far behind on material science in this country that it is unbelievable.”

Effective January 19, 2022, an average increase of 0.9 per cent will be implemented, depending on the variant and model, the automaker said in a statement. At the same time, the company has also taken a reduction of up to Rs 10,000 on specific variants, in response to feedback from customers, it added.

The stock quoted a 52-week high price of Rs 3533.3 and low of Rs 1982.45.

A total of 85,163 shares changed hands on the counter till 01:50PM (IST)

“One can expect some kind of a roadmap from the government on capital account convertibility at this juncture.”

"Sentiment was weakened by rising U.S. Treasury yields. Investors thought the U.S. market would fall this evening," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities, adding mixed messages from the Bank of Japan after its policy meeting also weighed.

The S&P/ASX 200 closed 0.1% lower at 7,408.80 after rising 0.3% earlier in the day. The benchmark had added 0.3% on Monday.

Promoters held 0.0 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 14.66 per cent and 6.56 per cent, respectively.