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.

WATCH VIDEO: Following Cyrus Mistry’s Ouster, Tata Group To Shortlist Candidates For Next Chairman

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.

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  1. V
    vijay
    Oct 27, 2016 at 7:13 am
    So what? stock prices will keep changing as the changing seasons.Secondly,Those who could take the paper losses knows this and very well can afford it.
    Reply
    1. M
      Mayur Panghaal
      Oct 27, 2016 at 11:52 am
      Cyrus mistry couldve made a killing by going short on the Tata shares before releasing this letter.I bet somebody has.
      Reply
      1. M
        Mayur Panghaal
        Oct 27, 2016 at 11:53 am
        If this is the state of mr.clean Tata....then you can imagine the rest.
        Reply
        1. M
          Mayur Panghaal
          Oct 27, 2016 at 11:53 am
          Welcome to chor land.lt;br/gt;yahan hum sab chor hain.
          Reply
          1. T
            terry lunga
            Oct 27, 2016 at 5:36 am
            mistry spilling beans and seems he was cleaning home which was not liked by insiders
            Reply
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