Shares of Tata Group-backed companies came under heavy selling pressure on Friday amid uncertainty following corporate feud over the reappointment of N Chandrasekaran as Tata Sons chairman with Tata Chemicals, Tata Investment Corporation scrips falling up to 8 per cent in early deals.
By 9:40 am, Tata Chemicals shares tumbled 8 per cent to Rs 716.65, hitting an intraday low, while Tata Investment Corporation stock plunged as much as 5 per cent to hit an intraday low of Rs 682.55 on NSE from the previous close
Tata Consultancy Services (TCS) shares fell to an intraday low of Rs 2,115.40 on the NSE, down 3.41 per cent from its previous close of Rs 2,190. The IT stock was last trading at Rs 2,124, down 3 per cent.
Similarly, Tata Motors Passenger Vehicles (TMPV) declined to Rs 304 which is a decrease of 3.34 per cent from its previous close of Rs 314.50.
Tata Power fell as much as 2.20 per cent to Rs 360.90 from its previous close of Rs 369. The stock was last down 1.83 per cent at Rs 362.25.
Another auto stock from the group, Tata Commercial Vehicles (TMCV) touched an intraday low of Rs 430.20, a 1.35 per cent decline from its previous close of Rs 436.10.
Meanwhile, Tata Steel also fell almost 1 per cent from its previous close of Rs 187.29 to an intraday low of Rs 185.66.
Tata Technologies shares also slipped as much as 2.73 per cent to an intraday low of Rs 738.
Tata Group-backed hospitality services provider Indian Hotels Company’s shares declined 0.56 per cent from the previous close to touch Rs 722.60, while Tata Consumer Products fell 0.42 per cent to Rs 1,009.40.
Additionally, the Nifty India Corporate Group Index – Tata Group 25 per cent cap fell to an intraday low of 13,855.45, down 1.14 per cent from its previous close of 14,015.75. It was last trading at 13,867.70, down over 1 per cent.
The selling pressure in the group stocks comes a day after Tata Sons announced that Chandrasekaran had agreed to reconsider his decision not to seek another term and that the board had resolved by a majority vote to reappoint him as executive chairman for another five years.
The development followed reported differences within Tata Trusts which holds a majority stake in Tata Sons.
However, Tata Trusts Chairman Noel Tata had described the reappointment as illegal, according to the statement.
