TCS, Tata Chemicals, other Tata stocks tumble up to 8% as Tata Trusts calls Chandrasekaran’s tenure extension illegal

Tata stocks dropped significantly after Tata Trusts declared Chandrasekaran's reappointment illegal. The Reserve Bank of India rejected Tata Sons' request to remain private. Tata Trusts controls a majority stake and opposes the holding company's IPO. Noel Tata voted against the reappointment, suggesting alternative compliance methods. The deferred Annual General Meeting is now crucial for Chandrasekaran's directorship.