The country’s largest utility vehicle maker Mahindra & Mahindra has surpassed the homegrown auto giant Tata Motors as per the market value in Friday. M&M has now become the biggest auto maker in the country as far as market capitalization is concerned.

As per the market reports on Friday, while the market capitalization of the Tata Motors dipped to Rs 38,402 crore, the same of Mahindra & Mahindra surged to Rs 44,150 crore. With this decline in the market value, Tata Motors has been pushed to fourth position below Bajaj Auto and Hero MotoCorp. The market value of Bajaj Auto and Hero MotoCorp was at Rs 41,414 crore and Rs 39,810 crore, respectively.

The performance of the Tata’s British subsidiary Jaguar & Land Rover in the US and European market has raised concerns of the investors. Moreover, the slowdown in the sales of the company in the Indian market has further raised the concerns.

Over the period of last one week, Tata Motors has witnessed an erosion of 15.63 per cent in its market value. On the other hand, fall in the M&M shares was mere 1.1 percent during the same period. At present, about 73 percent of the total revenue of the Tata Motors comes from overseas sales. On the other hand, the M&M’s exports account for mere 5 percent of the total revenue.