What Happened To Tata Stock After Terrorists Stormed Taj On 26/11? Why Tahawwur Rana’s Return Is Historic

In a historic development, Tahawwur Hussain Rana, one of the key accused in the 2008 Mumbai terror attacks, is being extradited from the United States to India after a lengthy legal battle.

The 26/11 terror attacks in Mumbai sent shockwaves through the nation, leaving the financial capital reeling from the violence and chaos. Among the most iconic landmarks affected by the attacks was the Taj Mahal Palace Hotel, owned by the Tata Group.

The impact of the attacks was felt beyond just the people of Mumbai, as it also left a mark on the Indian stock market, with the stock of Tata Group companies, Indian Hotels Co. Ltd (the Tata Group's hotel business) taking a hit.

Also Read: 26/11 Mumbai Attack: Here’s How Mastermind Tahawwur Rana, a Former Pakistan Army Doctor Planned It

Indian Stock Markets on 26/11

On November 28, 2008, the Indian stock markets opened after a brief closure due to the attacks. Indian Hotels Company Limited (IHCL), which owns the Taj brand, started the day 5.07% lower at Rs 43.05, down from the previous closing of Rs 45.35 on the Bombay Stock Exchange (BSE).

The stock continued its slide, falling as much as 17.44% during the day, reaching Rs 37.44. By the close of the trading session, it had settled at Rs 37.62, marking a 17.04% drop compared to its previous close. The stock stayed below the Rs 40 mark until December 15, 2008.

The broader Indian stock market also felt the effects of the attacks, though it managed to recover somewhat. The BSE Sensex opened 137 points lower on November 28, 2008, but ended the day 66 points higher, closing at 9,092 points. Despite the immediate panic, the markets showed resilience and managed to recover.

IHCL Stock Price Movement

Fast forward to today, Indian Hotels has witnessed a remarkable surge, with its stock now trading at Rs 1,090. This is a huge leap from the Rs 141 level on November 28, 2008, representing an incredible rise of Rs 949, or 673.78%.

The stock has gained 18.45% since the start of the year but has dipped 1.92% over the last 12 months. This growth marks a significant recovery from the aftermath of the terrorist attack.

Who is Tahawwur Hussain Rana 

Rana, a Pakistani-born Canadian national, was a major figure in the planning of the attack on the Taj Hotel and other locations in Mumbai. His extradition is a milestone in the long pursuit of justice for the victims of the 26/11 attacks.