This is not a crisis situation at Tatas: Raamdeo Agarwal, Joint MD, Motilal Oswal Financial Services

It is a big surprise, but the change has happened at the group level and a chairman has no role to play at the individual company level on a day-to-day basis.

It is not a positive development and will lead to uncertainty which is not liked by the market. But this is not a crisis situation for Tata Sons and does not change the long-term outlook for the group companies. Ratan Tata is coming back, so it will be a good stop gap.

Stock returns of Tata group would have been the same regardless of who chairman is. Market is concerned more about fundamentals than chairman change.