Market is currently buzzing with expectations around the much-awaited Tata Sons IPO, with Tata Group stocks seeing sharp swings as a corporate battle unfolds at the salt-to-metals conglomerate. Tata Chemicals shares appeared to be the most exposed to such swings, despite Tata Motors and Tata Steel holding a higher stake in the holding company.
Tata Sons, the holder of the $125-billion salt-to-semiconductors business group, approved a fresh five-year extension for Chairman N Chandrasekaran’s tenure and set the ball rolling for the much-awaited IPO of the group holding company. However, cracks soon began to appear at Bombay House, with Tata Trusts Chairman Noel Tata opposing the decision and publicly calling it ‘illegal’.
