Shares of several Tata Group companies fell on September 18, reversing part of the gains recorded in the previous session, after Tata Trusts opposed the proposed listing of Tata Sons. Tata Chemicals declined as much as 7.6%, while Tata Investment Corporation fell 3.1%. Tata Motors Passenger Vehicles dropped 2%, and Tata Power slipped 1.6%. The stocks had gained in the previous session after Tata Sons reappointed N. Chandrasekaran as chairman and announced that it would consider a public listing. The development came alongside a proposal from shareholder Shapoorji Pallonji Group to sell part of its stake in Tata Sons. However, Tata Trusts, which controls the Tata Group's holding company, said it had not agreed to take Tata Sons public. In a statement issued on September 17, the charitable organisation reiterated its long-standing position that the group's century-old structure should be preserved. Tata Trusts said the Tata Sons board had discussed the Reserve Bank of India's (RBI) communication at its September 17 meeting and agreed that all available options—not just a public listing—should be examined. The developments have highlighted differences between Tata Sons and Tata Trusts over the group's future structure. Tata Sons, classified as a core investment company, is subject to RBI regulations governing non-bank financial companies. Under these rules, companies with assets exceeding ₹1 lakh crore, or those with direct or indirect access to public funds, are required to be listed.

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