Shares of most Tata Group stocks
fell on Friday, a day after Shapoorji Pallonji Group proposed
selling a portion of its stake in holding company Tata Sons for
at least ₹25000 crore.
As of 9:40 am, Tata Chemicals tumbled as much as 7.8%, while Tata Investment Corporation fell 3.9%. Tata Motors Passenger Vehicles dropped 2.6% and Tata Power lost 1.4%.
Shares of Tata Steel were down 0.15%, Tata Motors
fell 0.48% and Tata Elxsi slipped 1.09%,
while Tata Capital rose 1.1%.
The declines reversed some of the gains made by Tata Group stocks on Thursday, after Tata Sons reappointed N. Chandrasekaran as chairman for another five years and decided to consider a public listing.
Tata Trusts on Thursday said that Shapoorji Pallonji Group,
Tata Sons’ second-largest shareholder, had proposed monetising a
portion of its stake in the holding company.
The proposal includes a share buyout in two tranches over 18
months that would yield proceeds of at least ₹25000 crore
to the SP Group.