Tata stocks plunge on concerns over Cyrus Mistry letter

Tata Motors and Tata Power were down nearly three per cent each while Tata Steel was trading nearly 2 per cent down in early morning trade at BSE.

By: PTI | Mumbai | Updated: October 28, 2016 3:54 pm
Cyrus Mistry, Cyrus mistry mail, Cyrus Mistry tata group, Cyrus Mistry tata sons, chairman Cyrus Mistry, Cyrus Mistry email, india news Stock exchanges late on Wednesday night sought clarifications from select Tata companies on reports about Mistry listing out possible write-down risk to the tune of USD 18 billion.

Shares of various Tata group stocks, including Tata Power and Tata Motors, plunged sharply on Thursday morning amid concerns about purported disclosure made by ousted group chairman Cyrus Mistry about huge write-down risks at some firms. Tata Motors and Tata Power were down nearly three per cent each while Tata Steel was trading nearly 2 per cent down in early morning trade at BSE. Indian Hotels and Tata Tele were down more than 7 per cent each.

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Tata Chemicals, Tata Coffee, Tata Global Beverages, Tata Investment Corp, Tata Steel and TCS were also trading with losses. Stock exchanges late on Wednesday night sought clarifications from select Tata companies on reports about Mistry listing out possible write-down risk to the tune of USD 18 billion while the group stocks have been losing value for three days now amid concerns over sudden ouster of Mistry as chairman of Tata Sons, the main holding firm for the group companies.

Regulator Sebi and stock exchanges are keeping a close tab on share movement and trading volumes of all listed companies of the group.