Tata Group stocks tank up to 8% after Cyrus Mistry's ouster
Shares 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.
- Oct 25, 2016,
- Updated Oct 26, 2016 4:31 PM IST
Shares 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.
Shares 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.