Mistry ouster: Tata stocks extend fall; total wipe out Rs 21,000 crore
Tata Group firms lost Rs 10,000 crore on Wednesday extending the total erosion in market capitalisation to more than Rs 21,000 crore following Cyrus Mistry's ouster as Tata Group chairman
Key Tata Group firms lost over Rs 10,000 crore for the second day on 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%, Tata Steel slumped 4.01%, Tata Power lost 2.06% and TCS fell by 0.07% on BSE today. Besides, Tata Metaliks slipped 3.85%, Tata Elxsi dropped 3.15%, Tata Global Beverages (3.10 pc), Tata Chemicals (2.83 pc), Tata Communications (2.68 pc), TataSponge Iron (0.57 pc) and Tata Coffee (0.42 pc). 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% in Tata Sons -- the holding firm of the group companies.