Brexit costs Tata Rs 30,000 crore loss in single day

[rikki]

Shares of Tata Elxsi plunged by 9.21 percent, Tata Global Beverages by 7.26 percent, Tata Chemicals by 5.72 percent, and Tata Communications by 5.34 percent.

There are fears that the UK operations of several Indian companies might take a hit due to immigration and other restrictions that might follow Brexit. 

Soon after the markets opened this morning, heavy selling was seen across all sectors, including realty, industrials, metals, auto, banking, finance, capital goods, and power.

In the pre-open trade, the Sensex fell by over 634 points while it opened sharply lower at 26,367.48, 940 points down, and plunged even further to touch a low of 25,944.53 points with a massive decline of nearly 1,058 points, or about 4 percent. 

Brexit apart, Tata Sons has been ordered to pay Japan's largest mobile phone firm NTT DoCoMo USD 1.17 billion in compensation for breaching an agreement on its India joint venture.

The London Court of International Arbitration ruled in favour of DoCoMo over price it was entitled for exiting the Indian joint venture, the Japanese firm said in a statement.

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