Tata group stocks slump after Mistry's exit; Ratan Tata assures continuity

Shares of Tata Group stocks performed under selling pressure on Tuesday reacting to Cyrus Mistry's ouster as the chairman.

In a shocking move, Tata Sons board replaced Mistry with Ratan Tata to run the USD 100 billion salt-to-software conglomerate.

The Tata Group CEOs meet reportedly concluded today in which it is believed representatives from all companies were present.

The representatives were assured by Ratan Tata about the continuity who asked the group CEOs to refrain from speculation.

Tata is also believed to have said that things are on track. The meet was called so that Tata could address the concerns that CEOs have raised regarding possible changes.

According to the latest speculations, replacements for Mistry include Noel Tata and Indira Nooyi - the same names that were in the race back in 2012 before his appointment.

Mistry was appointed on November 2011 as the Deputy Chairman of Tata Sons, whose board he had entered in 2006. He was made the chairman on the basis of his representation from Shapoorji Palonji, the largest shareholder in Tata Sons.