After Indian Hotels, Cyrus Mistry aims at Tata Motors with Rs 4,000 crore NPA loss due lending practices
After hitting out at Indian Hotels management, Cyrus Mistry fired a fresh salvo at another Tata Sons company, Tata Motors on Tuesday.
Key highlights:
- Tata Motors and Tata Motor Finance lending practices without adequate risk assessment led to huge NPA loss of nearly Rs 4,000 crore
- Tata Sons, saying that he had highlighted the lending practices without adequate risk assessment, particularly in the Nano and Small Commercial Vehicle segment
- He further added that this easy finance, artificially bolstered the market share figures
After taking dig at the management of Indian Hotels Company Ltd (IHCL) on Monday, Cyrus Mistry on Tuesday took a swipe another Tata Sons subsidiary, Tata Sons, saying that he had highlighted the lending practices without adequate risk assessment, particularly in the Nano and Small Commercial Vehicle segment which resulted in a huge NPA (non-performing asset) loss in both Tata Motors and Tata Motor Finance of nearly Rs 4,000 crore.
IHCL shares dipped 4% on BSE on Tuesday after the ousted chairman of Tata Sons took a dig at the company and pointed out 'errors' in the company's annual reports.
Like the statement on Monday, the former Chairman of Tata Sons stated that he refuted the observations about some specific facts in the 2017 Annual Report of Tata Motors and said that it seeks to call some of my observations or facts asserted in ongoing proceedings, incorrect and careless.
Cyrus Mistry takes a dig at Indian Hotels; shares fall 4% on BSE Sensex
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