Shares of Tata Group firms remained under pressure for the third day, with Indian Hotels plunging over 7%, Tata Global Beverages down 4% and Tata Power declining over 3% in morning trade on Thursday, after an explosive letter by Cyrus Mistry to the board warned that Tata firms were facing $18 billion in write-downs. Other listed Tata firms were also down 1-2%. Since the ouster of Cyrus Mistry as the chairman of Tata Sons on Monday, 10 Tata Group firms - Tata Consultancy Services, Tata Motors, Tata Steel, Titan, Tata Power, Tata Communications, Tata Chemicals, Indian Hotels, Tata Global Beverages and Trent - have collectively lost around Rs 40,000 crore in market cap. Under Mistry, several companies, including Tata Steel and Indian Hotels had begun a restructuring to get back in good health. Tata Steel has clarified that its financial statements are prepared on a going concern basis and present true and fair view of the state of affairs of the company.

Source: Hindustan Times October 27, 2016 05:19 UTC