Shares of Tata Motors Ltd dropped as much as 4.4% on Monday after the automaker's managing director, Karl Slym, died on Sunday when he fell from a high floor of a hotel in Bangkok.
A native of Britain, Slym was hired in 2012 to revive flagging sales and market share in the domestic business of India's biggest automaker, which is part of the Tata conglomerate.
Read: Tata Motors MD Karl Slym falls off Bangkok hotel, dies
He was the brainchild in the company's strategy to regain its position in the domestic market. His demise is likely to be a speed breaker in that process.
"I am deeply saddened to inform you about the untimely and tragic demise of our company's Managing Director, Karl Slym. Karl was visiting Bangkok for a meeting of the Board of Directors of Tata Motors Thailand and passed away earlier today," said Cyrus Mistry, chairman, Tata Group in a statement on Sunday
Though the exact cause of his death will only be clear after post-mortem on Monday, company officials said Slym fell from a higher floor in the hotel he was staying in and that may have caused fatal injuries.
He was accompanied by his wife in Thailand and was expected to return to India on Sunday evening.
At 10:02am (IST) shares of Tata Motors were down 4.29% at Rs.354.60 apiece on BSE.
(With inputs from Reuters and Live Mint)
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