Shares in Tata group companies saw heavy selling pressure in trade today, as worries over Mistry's exit as the Chairman of Tata Sons, left investors worried.
The worst hit was Indian Hotels, which operates the Taj Chain, with the stock sinking lower by a huge 6 per cent in trade, while Tata Global dropped 3 per cent. Both these stocks have been the worst affected from among the Tata Group stocks in the last few days.
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.