New Delhi, Aug. 13 -- N. Chandrasekaran's decision not to seek reappointment as chairman of Tata Sons once his term ends in February led a rout on Wednesday in the market value of this business group's listed stocks, some of which fell more than indices and industry peers.

TCS, which he once ran, took an especially hard hit. He took charge at the Tata holding company's helm in 2017, and his observation that he no longer had the board's unanimous backing is seen as the reason for not wanting to stay on in one of corporate India's most prestigious roles.

Earlier reports had suggested that Chandrasekaran was under pressure from Tata Sons' majority owner Tata Trusts, whose leadership was taken over by Noel Tata after Ratan Tata's demise in ...