Tata Motors is making a comeback on the Indian stock market as just a commercial vehicle unit. As part of the final stage of the 1:1 demerger scheme, TML Commercial Vehicles Limited is renamed to Tata Motors Limited ahead of its listing on BSE and NSE which is likely to be anytime in November.
This comes after the original Tata Motors changed its scrip to a passenger vehicle unit called Tata Motors Passenger Vehicles Limited. The passenger unit, which trades as TMPV has already outperformed analysts’ target prices. That being said, the Tata Group-backed automobile giant is nearing its final stage.
Tata Motors To TMPV!
TMPV Share Price:
With effect from October 24, 2025, the scrip code Tata Motors has been renamed to TMPV (Tata Motors Passenger Vehicles) on stock exchanges. This marked the completion of demerger of PV unit of Tata Motors.
Tata Motors demerger has come into effect from October 1, 2025, and its demerger record date was fixed on October 14, 2025. During the record date, Tata Motors shares split into the ratio of 1:1. However, only the TMPV portion of shares are currently available for buy and sell on exchanges, while its commercial vehicle segment will list as separate entity and the listing date is likely to be in November.
This is one of the reasons why Tata Motors Passenger Vehicles share price is still down by 44.34% on BSE year-to-date. There is unrealised profit and loss in the portfolio of investors, which will only adjust after the listing of CV unit.
Nonetheless despite cautious tone from rating agencies like S&P Global on TMPV, the stock price has outperformed analysts target prices since the record date.
After market hours of November 3, 2025, Tata Motors share price closed at Rs 417.05 apiece, higher by 1.7% on BSE with market cap of Rs 1,53,571.63 crore. The stock’s adjusted 52-week high and low is at Rs 524.68 apiece and Rs 335.30 apiece respectively.
At the current market price, TMPV beats analysts targets.
– Nomura had fixed Rs 367 target price on TMPV, while Rs 365 target was fixed on TML Commercial Vehicles.
– SBI Securities also fixed a target price of Rs 285-384 on TMPV, while the target for TML CV is estimated at Rs 320-470.
Tata Motors Passenger Vehicles business include passenger cars, investment in the electric vehicles business and Jaguar Land Rover. The change of name to Tata Motors Passengers Vehicles from Tata Motors has been taken on records by the Ministry of Corporate Affairs on October 13th.
TML Commercial Vehicles To Tata Motors Ltd:
As per the latest filing on BSE, the Corporate Affairs Ministry has approved to change the name of TML COMMERCIAL VEHICLES LIMITED to TATA MOTORS LIMITED with effect from October 29, 2025. The CV unit was originally incorporated as TML Commercial Vehicles.
TML Commercial Vehicles has announced the allotment of 368,233,1373 fully paid equity shares of face value of Rs 2/- each to the equity shareholders of the Company in the ratio of 1:1 pursuant to the Scheme.
Also, TMLCV has declared cancellation and reduction of the entire pre-Scheme paid-up share capital of TMLCV comprising 5,00,000 (Five Lakh) fully paid-up equity shares of Rs 2/- each, which were entirely held by the Company.
Here’s Why Tata Motors Shares Are Still Down:
According to Kotak Securities report, there is no change in the average cost of Tata Motors shares for now. The price split will be done once Tata Motors officially announces the allocation ratio (price split) for TMLCV vs Tata Motors. The original cost of acquisition will be allocated between the new and existing shares based on the official confirmation from the company.
During this period, your unrealized P&L may appear lower, but total investment value does not change and will adjust automatically after the official price allocation, it explained.
Further, the brokerage report added, TMLCV shares are not tradable yet, so the Sellable Quantity will be 0 until listing by the exchanges (expected end of November or early December 2025). You can continue to buy or sell Tata Motors normally, and your Realized P&L will adjust correctly after the price allocation.
TML Commercial Vehicles Listing Date:
TML Commercial is expected to list in 45 days since record date, hence, sometime during November. Once the listing and shares are allotted of the CV unit, the demerger is completed.