Notably, a significant portion of this decline occurred in the past couple of weeks, driven by challenges such as US visa restrictions and a cyberattack that halted production. According to Bloomberg data, the combined market value of the group’s 16 largest firms dropped to its lowest level in nearly two years.
The group lost about $20 billion—over a fifth of this year’s total decline—since September 19, following President Donald Trump’s tightening of US work-visa rules, which weighed on Tata Consultancy Services Ltd.
The coffee-to-cars conglomerate is facing one of its toughest years, grappling with a cyber incident disrupting Jaguar Land Rover (JLR) production, a fatal air crash, and renewed headwinds for its IT services business due to Trump’s “America First” stance.
TCS, the group’s most valuable company, has led the slump, plunging more than 8% last week in its sharpest fall since 2020. The stock—along with peers Infosys and Wipro—declined in all five sessions following the visa fee hike. TCS shares are down 30% year-to-date.
“Firms may avoid bidding for contracts requiring significant onshore staffing, which could hurt deal wins in the coming quarters,” noted Bloomberg Intelligence analysts Anurag Rana and Andrew Girard, warning that TCS and other pure-play IT companies face the highest risks.Tata Motors fell around 5% last week as the JLR cyberattack halted operations, although the luxury carmaker later secured UK support for a $2 billion loan to aid suppliers. JLR is reportedly seeking £2 billion ($2.7 billion) in emergency financing from global lenders.JLR, already impacted earlier this year by Trump’s trade war, had reported a £758 million free cash outflow in the June quarter. The cyber incident came shortly after the carmaker had turned net cash positive and cleared its net debt. Tata Motors, India’s largest EV player, has seen its shares drop 31% in the last year.
Overall, shares of 12 out of Tata Group’s 16 listed entities have fallen this year. Tejas Networks has halved in value, while Trent and Nelco have both declined by nearly one-third. On the positive side, Tata Steel has been a bright spot, rallying nearly 25% year-to-date.
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