Tata Motors stock falls 6 percent after chief executive quits

September 12th, 2011 - 3:18 pm ICT by IANS  

New Delhi, Sep 12 (IANS) Shares of the Indian automobile giant Tata Motors Monday fell almost six percent following the resignation of its group chief executive officer and managing director Carl-Peter Forster last week.

The company said Friday that Forster was stepping down with immediate effect citing unavoidable personal reasons.

At the Bombay Stock Exchange, the scrip fell to an intra-day low of Rs.143.80, down 5.84 percent from its previous close at Rs.152.72.

The stock later recovered and was still trading 4.76 percent lower a little after 1 p.m. to sell at Rs.145.45.

According to a company release here, Forster will, however, continue to serve the board of the automobile major as a non-executive member.

Forster joined the company in January 2010. Apart from the company’s local operations, he also headed its overseas units, including the Britain-based luxury car brands Jaguar and Land Rover.

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