Shares of Tata Group companies fell on the Indian stock market on the 18th, erasing a combined total of about $3.2 billion in market value. Sentiment was dented as a conflict over the possible listing of holding company Tata Sons and over its management structure came to the surface, deepening uncertainty. Tata Sons' board decided on the previous day, the 17th, to follow Reserve Bank of India rules that could require the company to list, and extended Chairman N. Chandrasekaran's term by five years. Core company Tata Consultancy Services fell 2.98%, Tata Chemicals plunged 9.57%, Tata Investment Corporation dropped 3.55%, Tata Motors Passenger Vehicles slipped 3.15%, and Tata Motors eased 0.32%. According to a Reuters tally based on LSEG data, the combined market value of Tata Group's listed companies fell by about 302.22 billion rupees, or $3.16 billion, by noon on the 18th from a total of about $268.5 billion at the close on the 17th. Tata Trust, which owns 66% of Tata Sons, said after the close of trading on the 17th that it opposed both the move toward a listing and the chairman's reappointment, arguing that Chandrasekaran's reappointment is illegal under Tata Sons' articles of association.
