Mumbai, March 11 -- Shares of Tata Chemicals were trading at Rs 1185, reflecting a drop of 9.88% from its previous closing price. It hit a low of Rs 1172.50 in early trade.

This correction comes after a surge of about 40% in the stock price in the past six session.

Market analysts attribute the sudden reversal to media reports suggesting the potential postponement or cancellation of the much-anticipated Tata Sons IPO. This news triggered a correction wave across Tata Group companies, including Tata Consumer and Tata Motors.

Adding to the pressure, a domestic broker reiterated its "sell" rating on Tata Chemicals, with a target price of Rs 780, about 35% lower than the current market price. The brokerage cited the uncertain outlook for t...