Tata Sons Chairman N Chandrasekaran resigns ahead of AGM, firm’s stocks tumble

The news sent shares of listed Tata companies plunging and has led to questions over what lies ahead for the gigantic salt-to-steel conglomerate that owns Air India, Tata Steel and Jaguar Land Rover.

The decision follows a lack of unanimous support from the Board for a five-year extension, despite recommendations from Tata Trusts.

The Sir Dorabji Tata Trust and Sir Ratan Tata Trust had unanimously recommended extending his tenure by five years, while Tata Sons’ Nomination and Remuneration Committee had also recommended the proposal.

The development comes ahead of the company’s August 18 annual general meeting, where shareholders were scheduled to vote on his continuation as a director.