Sensex off to low start, Tata group stocks drag

The NSE Nifty broke the 8,700-mark by falling 22.45 points, or 0.26 per cent, at 8,686.50.

By: PTI | Mumbai | Updated: October 25, 2016 11:58 am
sensex, sensex today, tata group, cyrus mistry, ratan tata, sensex down, sensex points, sensex status, business market, business news Sentiment was downbeat after Cyrus Mistry was removed as chairman of India’s largest conglomerate Tata Group. (File Photo/PTI)

Market benchmark Sensex fell over 91 points on Tuesday as Tata group stocks pulled down the index after Cyrus Mistry was replaced as its chairman on Monday, amid mixed Asian cues. Investors were also cautious ahead of October’s expiry in the derivatives segment on Thursday. The 30-share index declined 91.22 points, or 0.32 per cent, to 28,087.86. Metal, oil and gas, realty, PSU and power stocks ran up most losses.

WATCH VIDEO: Cyrus Mistry’s Career Timeline

 

The NSE Nifty broke the 8,700-mark by falling 22.45 points, or 0.26 per cent, at 8,686.50. Brokers said sentiment was downbeat after Mistry was removed as chairman of India’s largest conglomerate Tata Group and replaced by his predecessor Ratan Tata in the interim, a development that can trigger a confrontation between the single-largest shareholder and the company’s founding family.

Major Tata group stocks such as Tata Steel, Tata Communications, Tata Steel, Tata Motors, Tata Power, Tata Chemicals and TCS all bore the brunt and fell by up to 3 per cent. In the rest of Asia, Hong Kong’s Hang Seng was down 0.20 per cent and Shanghai Composite fell 0.06 per cent in early trade. Japan’s Nikkei was trading in the positive zone, rising 0.62 per cent.

WATCH VIDEO: Cyrus Mistry Removed As Chairman of Tata Sons: Here’s What Happened

 

The Dow Jones Industrial Average had ended 0.43 per cent higher on Monday.