Bad news for Ratan Tata’s Trent, TCS, Titan as they crash up to…, suffer Rs 1.56 lakh crore loss due to…
The investors of the Tata Group– India’s largest conglomerate– lost a staggering Rs 1,56,266 crore as the stocks of the group’s top-5 most valued companies plummeted by an alarming 19 percent on Monday. According to market data, the shares of Trent slumped to Rs 4,491.75, a decline of over 19 percent from Friday’s Rs 5,561.25, with its market capitalization crashing Rs 38,019 crore to Rs 1.59 lakh crore from Rs 1.98 lakh crore. Trent’s stock has crashed more than 46 percent from its 52-week high.
Similarly, the shares of Tata Consultancy Services (TCS) also hit a 52-week low on Monday, crashing 7.25 per cent to Rs 3060.25, with its mcap witnessing a rout of Rs 86,545 crore, falling to 11.07 lakh crore. TCS stocks have lost a third of their value from its 52-week high at Rs 4,585.90.
Notably, TCS, India’s largest IT services exporter, emerged as the biggest laggard last week, losing a whopping Rs 1.10 lakh crore of its valuation.
As per market data, Tata Motors and Tata Steel stocks crashed 11.5 percent each on Monday, with the automaker losing Rs 26,246 crore of its mcap, as is shares dipped to Rs 542.55 apiece, while Tata Steel’s value dropped by Rs 20,285 crore, slipping to Rs 1.55 lakh crore, its share prices crashing to Rs 124.20.
Tata Motors and Tata Steel cracked 11.5 per cent each on Monday. The automaker’s total valuation slipped Rs 26,246 crore below Rs 2 lakh crore on Monday as the stock tested its 52-week low at Rs 542.55. Tata Steel saw a Rs 20,285 crore slump in its mcap to 1.55 lakh crore. The stock crashed to Rs 124.20.
The stock prices of Titan Company slipped more than 4 percent to Rs 2947.55, as the Tata Group’s fashion jewelry arm lost Rs 11,417 crore of its market cap, which now rests at Rs 2.61 lakh crore.
The development comes after Tata Consultancy Services (TCS), Reliance Industries Limited (RIL), the oil-to-telecom conglomerate owned by Asia’s richest man, Mukesh Ambani, and Narayana Murthy-led Infosys, emerged as the biggest laggards last week, losing Rs 1.10 lakh, Rs 95,000 crore, and Rs 49,000 crore, of their market cap, respectively.
The rout of Tata Group stocks comes months after its former Chairman Emeritus, Ratan Tata, passed away at the age of 86 in October last year. Shortly after Ratan’s passing, Noel Tata, his half-brother, was chosen by the board to lead Tata Trusts– the majority stakeholder in Tata Sons, the holding company of the Tata Group– as its Chairman.
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