N. Chandrasekaran resigned as chairman of Tata Sons. As soon as the resignation became known, all Tata Group shares experienced a significant drop during the day. The shares of Tata Consultancy Services (TCS), Tejas Networks, and Tata Motors were the hardest hit.
The overall decline in Tata Group shares led to a substantial decrease in the group's market capitalization, amounting to over 50,000 crore rupees. N. Chandrasekaran stated that he would not seek the chairmanship position again after leaving the post. He left office before the Tata Group's Annual General Meeting (AGM) scheduled for August 18, but he will remain a member of the board of directors.
Following the announcement of his resignation, TCS shares fell by 5%, becoming the most heavily declining stock among Tata Group's papers. Tejas Networks shares lost 2.17%, and Tata Motors showed a decline of 1.65%.
Tata Communications shares also dropped by 1.25%, and Tata Elexi decreased by 1.19%. Tata Power shares fell by 1.09%, and Tata Steel by 0.99%. Indian Hotels shares declined by 0.83%, Tata Teleservices (Maharashtra) shares by 0.80%, and Voltas by 0.56%. Smaller companies, such as Tata Capital, showed a drop of 0.23%, and Trent by 0.13%.
