New Delhi, Aug. 12 -- N Chandrasekaran has stepped down as the chairman of Tata Sons, which is the principle investment holding company of Tata Group, a $400-billion salt-to-software conglomerate based in India.

His resignation comes ahead of the company's annual general meeting, scheduled for August 18. The top executive will reportedly complete his current term, after which he will not seek a reappointment.

The development is linked to shareholder-related tensions and differences between Chandrasekaran and Tata Trusts chairman Noel Tata.

Tata Sons has not yet issued any formal statement regarding the chairman's departure or a possible successor. However, reports of his resignation weighed on investor sentiment, sending shares of seve...