India's Tata Group stocks fall after SP Group unveils US$2.6bil stake sale plan
BENGALURU: 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 250 billion rupees (US$2.61 billion).
BENGALURU - Tata Group stocks faced a decline on Friday following Shapoorji Pallonji Group's announcement of a plan to sell a stake in Tata Sons. As the market opened at 9.40am IST, Tata Chemicals plummeted by 7.8%, Tata Investment Corporation fell by 3.9%, Tata Motors Passenger Vehicles dropped by 2.6%, and Tata Power saw a 1.4% decrease.
Tata Steel experienced a minor drop of 0.15%, Tata Motors suffered a 0.48% decline, and Tata Elxsi fell by 1.09%. However, Tata Capital managed to rise by 1.1%. The drop in Tata Group stocks reversed some of the gains made earlier on Thursday when Tata Sons decided to reappoint N Chandrasekaran as chairman for another five years and consider a public listing.
Shapoorji Pallonji Group, which is Tata Sons' second-largest shareholder, proposed the sale of a portion of its stake in Tata Sons through a share buyout in two tranches over 18 months. This sale would generate at least 250 billion rupees (US$2.61 billion) for SP Group.
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