Shares in Tata Group companies declined, after a decision to replace Cyrus Mistry, as the Chairman of Tata Sons. Following the move on Monday evening, select shares of the Tata group fell.
Tata Global Beverages dropped 3 per cent, while Tata Steel dropped 2 per cent and Tata Power lost almost 1 per cent. However, there was little impact on stocks like TCS, which dropped just 0.86 per cent, though Indian Hotels fell as much as 2.26 per cent.
The Board named Mr. Ratan N. Tata as Interim Chairman of Tata Sons. The Board has constituted a Selection Committee to choose a new Chairman. The Committee comprises Mr. Ratan N. Tata, Mr. Venu Srinivasan, Mr. Amit Chandra, Mr. Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months.