ADVERTISEMENT

Tata Firms Lose Rs 21,000 Crore in Market Cap After Mistry Sacking

Shares of Tata Motors dipped 4.27%, Tata Steel slumped 4.01%, Tata Power lost 2.06% on BSE on Wednesday.

Updated
Business
2 min read
Tata Firms Lose Rs 21,000 Crore in Market Cap After Mistry Sacking

Key Tata Group firms lost over Rs 10,000 crore for the second day Wednesday, extending the total erosion in market capitalisation to more than Rs 21,000 crore following Cyrus Mistry's ouster as Tata Group chairman.

These firms had lost about Rs 10,700 crore on Tuesday. Shares of Tata Motors dipped 4.27 percent, Tata Steel slumped 4.01 percent, Tata Power lost 2.06 percent and TCS fell by 0.07 percent on BSE on Wedensday.

Besides, Tata Metaliks slipped 3.85 per cent, Tata Elxsi dropped 3.15 percent, Tata Global Beverages (3.10%), Tata Chemicals (2.83%), Tata Communications (2.68%), Tata Sponge Iron (0.57%) and Tata Coffee (0.42%).

ADVERTISEMENT

Tata Group overall commands market capitalisation of over USD 125 billion (close to Rs 8.5 lakh crore), with software giant TCS alone accounting for Rs 4,72,301.73 crore.

In the stock market, the BSE benchmark Sensex too fell by 254.91 points to end at 27,836.51.

Mistry's family firm Shapoorji Pallonji Group has 18.4 percent in Tata Sons – the holding firm of the group companies.

In the surprise development, the board of Tata Sons, where 66 percent shares are held by philanthropic trusts endowed by members of the Tata family, ousted Chairman Mistry, saying it was acting "for the long-term interest" of the firm.

His predecessor Ratan Tata has been made the interim chairman and a committee has been set up to look for a new head of the USD 100 billion conglomerate.

Sacked unceremoniously, a "shocked" Cyrus Mistry has levelled a series of allegations against Ratan Tata and contended that he was pushed in to a position of "lame duck" chairman and changes in decision-making process created alternate power centres in Tata Group.

Also Read:

Full Reproduction Of Mistry’s October 25 Letter To Tata Sons Board

Tata-Mistry Row: What Transitions Will the Tata Empire Undergo?

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

Read and Breaking News at the Quint, browse for more from news and business

Topics:  Tata Steel   Tata Motors   Ratan Tata 

ADVERTISEMENT
Published: 
Speaking truth to power requires allies like you.
Become a Quint Insider
25
100
200

or more

PREMIUM

3 months
12 months
12 months
Check Insider Benefits
Read More
ADVERTISEMENT
Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!
ADVERTISEMENT
More News
×
×