Now three Tata executives have quit, following ousted chairman out the door

 
Rebecca Smith
Tata Group chairman Cyrus Mistry was dismissed on Monday
Tata Group chairman Cyrus Mistry was dismissed on Monday (Source: Getty)

There's more going on in the Tata saga. Yes, more.

Apparently three senior group executives at Tata Sons have resigned, as the conglomerate's management crisis worsens.

Sources told Reuters the executives who quit were HR chief N.S. Rajan, group business development and public affairs head Madhu Kannan, and group strategy executive Nirmalya Kumar.

Read more: Tata Sons hits back at leaked email from ousted chairman

All three were members of an executive council disbanded after Tata dismissed its chairman Cyrus Mistry on Monday. It was meant to be creating long-term value for stakeholders and boosting returns on investment.

Now this marks the latest twist in a very eventful past week for the company.

After the company's former chairman was suddenly sacked on Monday, a rather critical five-page letter he sent to the Tata board was leaked on Wednesday. He criticised the company for constant interference in his decisions and set out a whole list of fundamental problems with the firm.

Then Tata Sons hit back at Mistry, saying he made "malicious allegations" against the Indian conglomerate.

"The correspondence makes unsubstantiated claims and malicious allegations," Tata Sons, the holding company of Tata Group, said in a statement on Thursday. "These will be responded to in an appropriate manner."

Tata didn't offer up any explanation for its replacement of Mistry with his predecessor Ratan Tata on Monday.

It has since said his stint as chairman was "marked by repeated departures from the culture and ethos of the group" and had lost the confidence of the board.

Mistry took up the post of chairman at Tata Group in 2012.

Read more: Ousted Tata chairman claims conglomerate faces $18bn in writedowns

That's making the good bit of news from the summer, that Tata Steel's Port Talbot plant reportedly swung back into black, look a distant memory.

Shares of firms in Tata took a hefty blow last week; Tata Steel dropped 5.1 per cent, Indian Hotels was down by 13 per cent and Tata Motors slipped 1.4 per cent.

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