Tata Sons on Friday termed access to markets and skilled workforce as “important considerations” after Britain voted in favour of leaving the European Union and said that each of its 19 firms having interests in the U.K. will do a business review.
“There are 19 independent Tata companies in the U.K., with diverse businesses. Each company continuously reviews its strategy and operations in the light of developments, and will continue to do so,” a Tata Sons spokesperson said in a statement.
“Access to markets and skilled workforce will remain important considerations,” the statement added.
Tata Group stocks this morning witnessed severe drubbing, plummeting by up to 13 per cent, as the UK’s vote to exit the European Union spooked investors given the conglomerate’s huge exposure to the region.
Tata Motors plunged 12.9 per cent, Tata Steel tanked 10.89 per cent and TCS dipped 4.81 per cent on BSE.
Shares of Tata Elxsi plunged 9.21 per cent, Tata Global Beverages (7.26 per cent), Tata Chemicals (5.72 per cent) and Tata Communications (5.34 per cent).
The salt-to-software group said it has been operational in the UK since 1907 and has 19 of its companies present there.
Some of the most visible business interests of the over $100-billion Tata Group in the UK include the marquee automaker JLR and Tata Steel.
According to estimates, there could be a significant impact on JLR following Brexit vote.
