The Tata Sons board on Thursday reappointed N. Chandrasekaran as the group’s Tata Sons Chairman, extending his leadership of India’s largest conglomerate. The decision was not unanimous — Noel Tata was the lone board member to vote against Chandrasekaran’s continuation, marking a rare public split within the Tata Sons boardroom.
The reappointment came after markets had already closed on Thursday. But when trading resumed on Friday, investors gave the decision a mixed reception: several Tata Group stocks opened in the red even as the broader market pushed higher.
Tata Group Stocks Under Pressure After Chairman’s Reappointment
Tata Consultancy Services (TCS), the group’s flagship IT company, bore the brunt of the sell-off, dropping 3.31% to trade at ₹2,115. Tata Trent slipped 0.57% to ₹2,780, while Tata Steel eased 0.51% to ₹187.05. Titan also came under pressure, falling as much as 1% to ₹4,825. The weakness in Tata stocks stood out against an otherwise firm market. The Nifty50 climbed 50 points to 23,320, and the Sensex advanced 160 points to 74,473.47 in early trade. Of the BSE’s 30 benchmark constituents, 17 stocks were trading higher and 13 lower, with IndiGo, Zomato and Bharti Airtel among the session’s top gainers.
IT Stocks Drag Broader Market Sentiment
IT emerged as the only sector firmly in the red during early trade, down 1.35%. Tech Mahindra, Infosys and HCL Technologies each fell more than 1%, and telecom stocks also slipped, even as every other sector traded higher. Market breadth, however, stayed positive overall. Of the 3,703 stocks traded on the BSE, 2,391 advanced while 1,106 declined and 206 were unchanged. Among individual movers, 101 stocks touched fresh 52-week highs and 60 hit 52-week lows, while 114 stocks hit their upper circuit limits against 112 that hit lower circuits.
