New Delhi, Aug. 4 -- The Tata Group firm - Tata Investment Corporation - on Monday, August 4, announced its board approval of a stock split in the ratio of 1:10. The company's board of directors also approved the financial results for the first quarter of the ongoing fiscal year, along with sub-division of shares.

As a result, Tata Investment share price spiked 4% in intraday deals.

The company said its board approved the sub-division of one equity share of the company having a face value of Rs.10/- each fully paid-up, into 10 equity shares having a face value of Rs.1/- (Rupee One only) each, fully paid-up.

The company will undertake the stock split by alteration of the Capital Clause of the Memorandum of Association of the Company and...