Tata Motors down nearly 6 percent after CEO quits

Mumbai: Shares of Tata Motors today fell by nearly 6 percent in morning trade after its Group CEO and Managing Director Carl-Peter Forster quit due to "unavoidable personal reasons".

The company's stock tanked 5.84 percent to touch an early low of Rs 143.80 on the BSE. The stock was the worst performer among the Sensex scrips at 1100 hrs.

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The company, after the close of market on Friday last week, said Forster has ceased to be the Group CEO and Managing Director with immediate effect, due to his unavoidable personal circumstances.

However, at the request of the board, Forster will continue to serve the Board of Tata Motors Ltd as a non- executive member, it said.

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Meanwhile, the BSE benchmark Sensex, too, was trading under severe pressure, down 368.36 points at 16,498.61 at 1115 hours.

PTI