Photo: ReutersPhoto: ReutersShares of Tata Group stocks such as Tata Steel, TCS and Tata Motors tanked up to 4% after, in a surprise move, Tata Sons announced that its board has replaced Cyrus Mistry as Chairman of Tata Sons.
In a brief statement, the group said Ratan Tata has been appointed interim chairman of Tata Sons and the board has constituted a Selection Committee to choose a new Chairman.
Reacting to the development, the stock of Tata Steel fell 4 per cent, TCS shed 1.60 per cent, Tata Motors slipped 2 per cent, while Tata Metaliks tanked a whopping 8.72 per cent. Tata Elexsi, Tata Communications and Indian Hotels were also down up to 4 per cent.
Meanwhile, the combined market valuation of all listed companies of Tata Group almost doubled during the four-year tenure of outgoing chief Cyrus Mistry, but the growth was nearly 57-times under his predecessor Ratan Tata who has returned at the helms for now.
Tata Group currently commands a listed market capitalisation of over $125 billion (close to Rs 8.5 lakh crore), with the software giant TCS alone commanding a market value of nearly Rs 4.8 lakh crore.
ALSO READ: 9 possible reasons behind the removal of Cyrus Mistry
This marks a sharp rise from a market capitalisation of nearly Rs 4.6 lakh crore in December 2012 when Mistry took over from Ratan Tata as Chairman of Tata Sons Ltd, the main holding company of salt-to-software conglomerate.
Tata, who was today made interim Chairman of Tata Sons after Mistry was removed from the post he held for less than four years, had earlier headed the group for 21 years, during which the group's market cap rose from less than Rs 8,000 crore in 1991 to over Rs 4.62 lakh crore in December 2012.
Tata Group is the country's most valuable group and has an estimated 4.1 million shareholders across its various listed companies.
Individually, TCS is the country's most valuable company and has been the biggest contributor to the group's valuation.
How Apple stock performed under Tim Cook as CEO - A look at market cap growth
'I was touched, stalked, humiliated…’: TCS Nashik employee’s disturbing allegations surface
Q4 results today: Why TechM, LTTS shares fell up to 6%; key earnings expectations
5 lakh new connections, nearly 6 lakh new registrations: How to apply for PNG connection? 
RBI auto-pay rules changed: What happens to your SIPs, OTTs and other payments
How Xi Jinping Built An Unshakable Energy Fortress: Is China Now Immune To Global Oil Shocks?
ECI Complaint Filed! Mallikarjun Kharge Under Fire For PM Modi Remark
Ralph Lauren’s ₹44,800 "Bandhani" Row: Are Global Luxury Brands Are Erasing Indian Artisan Credits
Bengal Phase 1 Ends With Amit Shah-Mamata War; 152 Seats At Stake In High-Stakes Battle
Why Persistent Systems Is Beating IT Peers: Q4 Analysis With CEO Sandeep Kalra
IREDA shares climb 9% after 2-session drop; does this signal a bullish reversal?
Infosys Q4 in focus post TCS, Wipro, HCLTech - Results, dividend announcement date and time | Preview
15 bottom-up stock investment ideas as smallcap, midcap shares back to pre-Iran war levelsQ4 results today: Why TechM, LTTS shares fell up to 6%; key earnings expectationsHow Apple stock performed under Tim Cook as CEO - A look at market cap growth