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This sluggish Tata share suddenly turned into a rocket, reaching ₹92 in value, company stuck in legal tangle

This sluggish Tata share suddenly turned into a rocket, reaching ₹92 in value, company stuck in legal tangle

Tata Group Stock

Tata Group Stock: 

Tata Teleservices (Maharashtra) Limited, also known as TTML shares, witnessed a surge of nearly 10% in its share price on Monday. The company's shares rose by 9.64% in intraday trading, reaching ₹92.60. It's worth mentioning that this once high-performing share has plummeted by approximately 68% from its all-time high of around ₹291. The 52-week high price for this share is ₹149, and the 52-week low price is ₹49.80. The company had touched this low on March 29, 2023.

Share Price History

According to data available on BSE, TTML shares have been continuously incurring losses over the past year. It has seen a decline of 0.87% in Year-to-Date (YTD) performance this year. However, in the last month, it has surged by 15.04%. This share of the Tata Group reached its all-time high of ₹291.05 on January 11, 2022. Currently, the share is down by 68% from its all-time high.

Ongoing Company Lawsuit

Tata Teleservices Maharashtra Limited (TTML) is facing claims totaling ₹615.41 crore (approximately $82.5 million) in various courts across the country. These include a penalty of ₹265.15 crore ($35.5 million) in a prolonged case with the Department of Telecommunications (DoT), penalties of ₹156.10 crore ($20.9 million) and ₹91.59 crore ($12.3 million) for several pending cases with Bharat Sanchar Nigam Limited (BSNL), and penalties in crores of rupees for multiple pending cases against the Goods and Services Tax (GST) department.

Company Business Overview

TTML, a subsidiary of Tata Teleservices, is a market leader in its segment. The company provides voice and data services and has a list of prominent clients. According to information provided on the Bombay Stock Exchange (BSE), TTML's revenue stood at ₹285.51 crore ($38.3 million) for the quarter ending in June. However, the company reported a net loss of ₹301.18 crore ($40.3 million). There has been a marginal improvement in net loss compared to the same period a year ago. For the financial year 2022-23, the company's revenue was ₹1,106.17 crore ($148 million), and it reported a net loss of ₹1,144 crore ($153 million).

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