Tata Sons, the holding company of the Tata group, sold a portion of its stake in Tata Consultancy Services (TCS), causing TCS stocks to plummet by over 4%.
Tata Sons aimed to offload 0.65% of TCS shares at a floor price of Rs 4,001 per share, possibly to reduce debt and avoid an IPO. Meanwhile, Tata Steel approved raising up to Rs 2,700 crore through debentures. This strategic move aligns with RBI norms for Tata Sons to go public by September 2025.