The board of Tata Sons announced the sudden removal of chairman Cyrus Mistry. Unlike several other Tata Group chiefs who worked and rose through the ranks of the group companies, Mistry was handed over a legacy he did not help create. Ratan Tata, patriarch of one of India's most influential families, will take over as interim chairman of Tata Sons.
Tata, who had stepped down as chairman and was replaced by Mistry in late 2012, will head the group for four months while the company seeks a replacement.The board said in a statement on Monday it was decided "it may be appropriate to consider a change for the long-term interest of Tata Sons and Tata group."
Shares of Tata Group companies opened weak on Tuesday, a day after the board of Tata Sons announced the sudden removal of chairman Cyrus Mistry. Shares of Tata Steel were trading at Rs.415.50, down Rs.10.70 or 2.51 per cent during the opening trades. Similarly, software major TCS lost Rs.17.90 or 0.74 per cent to trade at Rs.2,409.95.
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