The boardroom battle at Tata Sons Ltd, the holding company for the diversified Tata Group, has hurt shares of most companies in the conglomerate after Cyrus Mistry was sacked as the chairman on 24 October.

The shares of Tata Group companies took a further hit after Mistry’s 26 October mail to the Tata Sons board became public. In the mail, Mistry had said that several group companies were financially struggling and that the group faced Rs 1.18 trillion ($18 billion) in writedowns because of five unprofitable businesses he inherited.

However, the shares of some companies have rallied in the past three trading sessions but are yet to reach the closing levels of 24 October. Tata Global Beverages has been the biggest loser, dropping almost 10%. 

Indian Hotels, one of the five companies Mistry pointed out in his letter, has fallen close to 9% while Tata Motors and Tata Power have slipped more than 5% each. The benchmark Sensex has fallen barely 1% during this period. Retail firm Trent has been a notable exception and gained a tad.

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