Tata Chemicals shares plunge more than 8 per cent
Tata Chemicals shares were down more than 8 per cent on Wednesday leading the trend as most Tata group shares except TCS trended down.
Tata Chemicals was down 8.12 per cent, Tata Motors by 2.4 per cent, Tata Steel by 1.8 per cent, Tata Investment by 5 per cent and Tata Consumer by 2.7 per cent.
Tata Chemicals had run up in the past week on the buzz of Tata Sons' imminent listing. There has been a correction in some of the Tata group stocks ever since the buzz got diluted.
Tata Chemicals stock had been flagged by some brokerages as one of the biggest beneficiary in case Tata Sons got listed.
"We believe that 80 per cent of Tata Sons' holdings might not be monetisable but the process of restructuring could trigger a re-rating," it added.
Four (Tata Motors, Tata Chemicals, Tata Power and Indian Hotels) companies within the Tata Group hold ownership in Tata Sons, as per a recent report by investment banking firm, Spark PWM.
