Tata Motors share price rose nearly 6 percent intraday on August 25 after the company said it proposed to reduce its debt to near-zero levels.

At the annual general meeting of the Tata Motors on August 25, N Chandrasekaran, Chairman of the Tata Group, said the company had a net automotive debt of Rs 48,000 crore and was targetting to reduce it to near-zero levels in three years, CNBC-TV18 reported.

The investments in the company had reduced to 50 percent this fiscal, he added.

JLR would be cash-positive this year, while India PV business was being subsidiarised to a new legal entity, Tata Motors CFO

said at the AGM.

The focus of the passenger vehicle business would be entirely on the front-end. It generated highest ever profitability in FY19, which got impacted by COVID-19, he added.

Tata Motors share price was quoting at Rs 127.10, up Rs 5.90, or 4.87 percent on the BSE.

The share touched its 52-week high Rs 201.80 and 52-week low Rs 63.60 on 15 January, 2020 and 24 March, 2020, respectively.

It is trading 37.02 percent below its 52-week high and 99.84 percent above its 52-week low.