Mumbai, 12 August. The news of the resignation of Tata Sons Chairman Natarajan Chandrasekaran on Wednesday not only led to a huge selloff in the group's shares but also affected the domestic stock market and both the benchmark indices closed with losses for the second consecutive day. In this sequence, BSE Sensex fell by 188 points and went below 78,000, while NSE Nifty had a weakness of 36 points.

According to market experts, with the rise in crude oil prices, Tata Sons Chairman N. Investor sentiment was hit by selling in Tata Group shares after Chandrasekaran announced that he would not seek re-appointment after the end of his current term.

Before the AGM, Tata Sons Chairman N. Chandrasekaran announced his resignation

It is noteworthy that Tata Sons Chairman N. Chandrasekaran announced his resignation today ahead of the company's proposed Annual General Meeting (AGM) on August 18 and said in a statement, 'I have informed the board of Tata Sons in this regard. I will complete my tenure on February 20, 2027. I asked the board to take a decision on the successor quickly for smooth functioning. In fact, there was increasing uncertainty about Chandrasekaran's re-election as director and there was tension within the Tata Group.

Sensex fell 187.90 points and closed at 77,966.35.

The 30-share sensitive index Sensex of Bombay Stock Exchange (BSE) fell 187.90 points or 0.24 percent to close at 77,966.35 points. During trading it fell by 656.32 points to 77,497.93 points. Among Sensex companies, shares of eight strengthened while shares of 21 weakened.

Nifty closed at 24,435.95 with a fall of 35.75 points.

On the other hand, the standard index Nifty based on 50 shares of National Stock Exchange (NSE) also closed at 24,435.95 points with a decline of 35.75 points or 0.15 percent. Among the companies associated with Nifty, 17 stocks remained in the green while 30 stocks recorded a decline.

TCS shares fell the most by 3.71 percent

Among the companies included in the Sensex group, TCS shares fell the most by 3.71 percent. Apart from this, Mahindra & Mahindra, Tata Steel, Larsen & Toubro, Eternal and Infosys were also major losers. On the other hand, the profitable stocks include State Bank of India, Bharti Airtel, UltraTech Cement and Power Grid.

FIIs made net purchase of shares worth Rs 258.55 crore

According to stock market data, foreign institutional investors (FIIs) made a net purchase of shares worth Rs 258.55 crore on Tuesday. The price of global oil standard Brent crude fell 0.17 percent to $ 88.76 per barrel.