Tata Sons chair Chandrasekaran to leave after board backing falters
What's new: Shares in TCS fell 5.1% after the move, with Tata Motors, Tata Steel and Titan also dropping.
Tata Sons Chairman N Chandrasekaran said he will not seek reappointment when his term ends in February, stepping aside after months of conflict with Tata Trusts, the charity arm that controls 66% of the holding company. The dispute centered on whether Tata Sons should be listed, losses at Air India, the planned exit of a minority shareholder and board representation. A February board meeting delayed a decision on his reappointment after Noel Tata opposed it. Chandrasekaran, who became chairman in 2017 after leading TCS, said leadership clarity was needed while major projects are underway. The move hit Tata group stocks, including TCS, Tata Motors, Tata Steel and Titan.