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Last Updated Friday December 13 2019 04:26 PM IST

Tata Steel defends financial statements

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Tata Steel defends financial statements

Tata Steel said Thursday its financial statements present a true and fair value of the company, in response to a request for clarification from stock exchanges.

The exchanges made the procedural request after the former chairman of parent Tata Sons Ltd, Cyrus Mistry, Wednesday said the group could face an $18 billion writedown, partly related to the acquisition of its European steel business.

"As part of the preparation of financial assets, the value-in-use of the assets of the Company is tested for impairment as per the Accounting Standards," Tata Steel said in a statement.

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The company said it had nothing further to "comment or disclose."

Shares of Tata Steel, Tata Consultancy Services and Tata Motors fell 1.1 percent to 3.8 percent, while Tata Teleservices was down 10.5 percent in morning trades.

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According to an internal letter sent by Mistry to the Tata board, potential writedowns were due to poor investments

The board has not said publicly why it removed Mistry from the post.

Shares of other Tata companies, Indian Hotels Co Ltd

plunged as much as 11.4 percent, while Tata Power lost as much as 4.2 percent.

US-listed shares of Tata Motors closed down 4.2 percent after Wednesday's announcement.

Tata group companies are biggest decliners on the broader

NSE index, which was down 0.39 percent.



(With agency inputs)

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