Tata shares tumble after N Chandrasekaran reappointed, RBI denies stay
Business
Tata Group shares dropped sharply on Monday after a clash over who should lead the company.
The board reappointed N Chandrasekaran as chairman of Tata Sons, but a director backed by Tata Trusts was not happy with the decision.
To add to the drama, the Reserve Bank of India declined Tata Sons' request to stay private, pushing it toward a public listing and adding more pressure.
Most Tata stocks fall, TCS rises
Investors did not take the news lightly: Tata Capital fell nearly 3%, Tata Power slipped 2.5%, and both Tata Investment Corporation and Tata Technologies lost over 2%.
Tata Elxsi hit a fresh 52-week low. Interestingly, TCS was an exception, rising nearly 1% when most others were in the red.