Tata Group stocks came under pressure on September 18, reversing some of the gains seen in the previous session after the Tata Sons board approved a fresh five-year term for N Chandrasekaran as executive chairman. This comes after the decision was opposed by Noel Tata, Chairman of Tata Trusts, which owns about two-thirds of Tata Sons. Noel Tata voted against the resolution and questioned its validity.
Tata Chemicals was the biggest decliner among the group stocks in early trade, falling 7.49%. TCS slipped 3.36%, while Tata Motors declined 3.18%. Tata Investment Corporation fell 3.01%, Tata Technologies dropped 2.21% and Tata Power was down 1.34%.
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The selling comes a day after several Tata stocks had rallied sharply on the Chandrasekaran reappointment announcement and the Tata Sons board's decision to initiate steps towards complying with applicable RBI requirements, including its potential public listing.
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