Mumbai (PTI): Shares of Tata Motors on Thursday zoomed by over four per cent during the day amid the company unveiling its Rs 1 lakh car, but could not withstand the broad-based selling pressure on the bourses towards the end and settled in the red.

After opening 3.8 per cent higher at Rs 799.90 on the BSE, the shares rallied ahead to an intra-day high of Rs 802.30.

However, heavy selling was later seen in the stock, in line with emergence of across-the-board sluggishness in late afternoon trade. It settled at Rs 749, down 2.78 per cent from its previous close.

The scrip dropped to an intra-day low of Rs 744.05 after paring all the gains seen in the morning trade.

Brokers said that sentiments associated with the Rs one lakh car, which was today unveiled in New Delhi by group chief Ratan Tata, helped creating huge buying demand for the stock earlier in the day. However, emergence of a broad-based selling pressure saw the traders booking profit in the stock later.

At the NSE, the stock opened up at Rs 783, and surged 4.12 per cent to touch an intra-day high of Rs 802. Later, it touched an intra-day low of Rs 744.10 and closed at Rs 749.20.

Over 44 lakh shares changed hands at the two exchanges.

Tata Motors on Thursday unveiled its much awaited People's car, named Nano, which would cost Rs 1,00,000 at the dealer's end, excluding VAT and transportation cost.