Tata Sons trims Tata Digital valuation by 5.5% to $10.3bn
Business
Tata Sons has knocked down Tata Digital's valuation by 5.5% to $10.3 billion (about ₹98,031 crore) after pumping in ₹3,000 crore this April.
The move follows an 8.35% drop in per-share value and highlights ongoing trouble for its super-app, Tata Neu, which just hasn't clicked with users.
Tata Digital reports nearly ₹17,000cr losses
Tata Digital has racked up losses of nearly ₹17,000 crore despite big investments and faced headaches integrating brands like BigBasket and 1mg.
Frequent leadership changes haven't helped either.
In May, executives pitched a new three-year plan to the board, where Noel Tata questioned the roadmap at a board meeting in February, and now even Tata Sons' chair N. Chandrasekaran faces scrutiny ahead of a key board meeting on June 12.