Tata stocks dropped significantly after Tata Trusts declared Chandrasekaran's reappointment illegal. The Reserve Bank of India rejected Tata Sons' request to remain private. Tata Trusts controls a majority stake and opposes the holding company's IPO. Noel Tata voted against the reappointment, suggesting alternative compliance methods. The deferred Annual General Meeting is now crucial for Chandrasekaran's directorship.