Tata Motors demerger, Oct. 16 -- Tata Motors Passenger Vehicles (TMPVL) shares, the listed arm of Tata Motors following the recent demerger of its commercial vehicles business, witnessed a setback on Thursday, October 16, as BofA Securities downgraded the stock to 'Underperform'.

According to a CNBC-TV18 report, BofA Securities has a target price of Rs.375, which is lower than its last closing price of Rs.390.75. However, Tata Motors' share price, after falling for two days, rebounded in trade today, rising almost 2%.

BofA joined a list of other brokerages that expressed concerns around the PV business, given JLR's significant contribution to its revenues.

According to BofA, the luxury car subsidiary will weigh on the Tata Motors Passe...