New Delhi | Tata Group stocks fell on Wednesday, with TCS dropping nearly 6 per cent, after Tata Sons Chairman N Chandrasekaran said he will not seek reappointment when his current term ends on February 20, 2027.

Shares of Tata Consultancy Services tanked 5.70 per cent, Tata Motors Passenger Vehicles tumbled 4.11 per cent, Tata Consumer Products fell by 2.85 per cent, Tata Elxsi dipped 2.14 per cent, Tata Communications edged lower by 2 per cent, Tata Steel slipped 1.96 per cent and Titan skidded 1.66 per cent on the BSE.

Also, Tata Power declined 1.40 per cent, Indian Hotels Company went lower by 1.32 per cent and Trent skidded 0.89 per cent on the BSE.

In the equity market, the 30-share BSE Sensex dropped 604.65 points to 77,544.63 during noon trade. The 50-share NSE Nifty declined 192.05 points to 24,276.

Tata Sons Chairman N Chandrasekaran on Wednesday said he will not seek reappointment when his current term ends on February 20, 2027, ending months of uncertainty over the leadership of the Tata Group's holding company.

Chandrasekaran said the Sir Dorabji Tata Trust and Sir Ratan Tata Trust - majority shareholders in Tata Sons - had unanimously recommended extending his term by five years, with the proposal subsequently recorded and recommended by the Tata Sons Nomination and Remuneration Committee and the Board.

The proposal was tabled at a Tata Sons Board meeting on February 24 but was not carried through after one Board member did not support it, Chandrasekaran said.

"In the absence of unanimous support, I chose to defer the decision," he said in a statement.

Chandrasekaran said no resolution had been reached in the six months since that Board meeting, adding that clarity over leadership was important as Tata Sons oversees several strategic projects at critical stages.

"Under these circumstances, earlier today, I have communicated to the Tata Sons Board, that I have decided not to offer myself for reappointment when my term ends on Feb 20, 2027," he said.

He asked the Board to decide on his successor soon to ensure a smooth transition.

Tata Sons, the principal holding company of the Tata Group, is majority-owned by Tata Trusts and controls more than 30 group companies, including Tata Consultancy Services, Tata Motors and Air India