Difference between ordinary equity and DVR shares

Ever wondered why there are two tickers (stock codes) for Tata Motors on the major Indian stock exchanges? Both trade at different stock prices. But what are DVR Shares? If you had to guess, you might say they’re shares of two different subsidiaries of the same massive Tata group. They have so many businesses, it’s hard to keep track. A logical guess, but it would be wrong. The chart above with stock prices for the last 3 months shows an obvious correlation (0.993) between the two, i.e. they mirror each other’s percentage price changes. Both stock codes represent equity ownership of

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