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Shares in Tata Group companies fall after Mistry ouster

Tata Group Chairman Cyrus Mistry speaks to shareholders during the Tata Consultancy Services (TCS) annual general meeting in Mumbai, India June 28, 2013. REUTERS/Vivek Prakash/File Photo

MUMBAI (Reuters) - Shares in India’s Tata Group companies dropped on Tuesday morning after the group said Ratan Tata will take over as interim chairman of Tata Sons after the board ousted Cyrus Mistry late on Monday.

At 0400 GMT, shares in Tata Consultancy Services TCS.NS were down 0.7 pct, Tata Motors TAMO.NS dipped 0.5 pct, Tata Steel TISC.NS slid 2.5 pct, Tata Power fell 1.8 percent, while Indian Hotels Co Ltd IHTL.NS dropped 2 percent.

Reporting by Swati Bhat; Editing by Sherry Jacob-Phillips