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Shares of Tata Chemicals hit the 20% upper circuit on September 15 after reports that the RBI rejected Tata Sons' request to surrender its core investment company (CIC) registration.
The development raised hopes of a potential Tata Sons listing, boosting shares of Tata Group companies that own a stake in the holding company. Tata Investment Corporation jumped over 13%, while Tata Motors Passenger Vehicles gained 4.5%. Tata Steel also traded higher.
Tata Sons had sought to deregister as a CIC, but the RBI's decision could keep it under regulations that may require a stock market listing.
A potential listing is seen as value-accretive for Tata Group companies with holdings in Tata Sons. Among listed firms, Tata Steel and Tata Motors Passenger Vehicles own a 3.06% stake each in Tata Sons, while Tata Chemicals holds 2.53%.
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