Most Tata Group stocks, including TCS, Tata Steel, and Tata Motors Passenger Vehicles, declined in Wednesday's session after reports emerged that Tata Sons Chairman N. Chandrasekaran had resigned. The group stocks witnessed a significant sell-off after news agency Reuters reported, citing sources, that N.
Chandrasekaran had resigned as chairman of Tata Sons but would serve out his current term. His resignation comes ahead of the company's annual general meeting, scheduled for August 18. The top executive will reportedly complete his current term, after which he will not seek a reappointment.
Shares of TCS (down 5%), Tata Motors Passenger Vehicles (down 4%), Tata Consumer Products (down 3%), Tata Steel (down 2%), and Titan (down 2%) lost significantly during Wednesday's session. Shares of Tata Elxsi, Tata Communications, Tata Technologies, Tata Power Company, Trent, and Tata Motors (CV) declined up to 2% during the session but pared losses later.
Tata Sons owns more than 30 companies across sectors- from IT, automobiles, metals, aviation, to FMCG. N Chandrasekaran exits Tata SonsAs per a CNBC-TV18 report, a resolution to extend Chandrasekaran's chairmanship in July 2025 had set two conditions: Tata Sons had to remain unlisted, and a solution had to be found for the Shapoorji Pallonji Group's shareholding in the company, which needed liquidity.
(This is a developing story. Please check back for fresh updates.)