Tata Motors' shares up 5% on clarification to BSE

Tata Motors' shares surged nearly 5% on the BSE on Tuesday after the Indian carmaker submitted reply to the a clarification sought by the stock exchange over e-mail.

The BSE sought a clarification from Tata Motors about a report "FIIs raise concerns over Tata Motors Governnance" published in The Economic Times, which said that Foreign Institutional Investors (FII) had written to the carmaker, raising concerns that it (Tata Motors) was getting preferential access to strategy and information. 

In a written reply to the BSE, Tata Motors denied the receipt of any such letter, saying, "The Company would like to confirm that it is not in receipt of any such letter as is referred to in the news article and hence, has no comments to offer. This is for the information of the exchange and the members."

At 1102 hours, Tata Motors' shares were trading at Rs 531.20, up Rs 23.90 or 4.71% from previous day's close. Intraday, the company's shares hit a high of Rs 532.40 and a low of Rs 516.30 apiece.