• Sunday, October 02, 2022

Business

Tata shares fall on ex-chief Cyrus Mistry’s $18bn write-down claim

Business deals Cyrus Mistry suggested that Tata scrap its Nano car

By: Eastern Eye Staff

SHARES in Tata companies fell today (October 27) after the Indian giant’s ousted chairman Cyrus Mistry warned it may face $18 billion in asset write-downs and accused directors of wrongfully dismissing him. Tata Motors and Tata Power were down nearly three per cent each, while Tata Steel was nearly two per cent lower in early trade on the Bombay Stock Exchange after details of the email to the holding company’s board emerged. In the email, Mistry said India’s largest conglomerate may face Rs1.18 trillion ($18 billion) in write-downs because of unprofitable businesses he inherited when he took over the job…

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