Shares of Shapoorji Pallonji Group-backed stocks declined up to 5% in intraday trade on Monday following the tragic death of Cyrus Mistry in a car accident on Sunday. This is a double-whammy for the 157-year-old conglomerate as Cyrus Mistry’s death comes on the heels of the group patriarch's demise in June this year. Mistry’s father and former chairman of Shapoorji Pallonji Group, Pallonji Mistry, passed away at the age of 93 in June.

Mistry, 54, the former chairman of Tata Group, died in a road accident after his car hit a divider in Maharashtra's Palghar district neighbouring Mumbai. The accident took place at around 3:30 PM on Sunday after his car lost balance while crossing a flyover on the Surya river on the Mumbai-Ahmedabad highway. He is survived by his wife Rohiqua and two sons, Firoz and Zahan.

Mistry was the younger son of Pallonji Mistry, the head of the Shapoorji Pallonji (SP) Group, which is the single largest shareholder of Tata Sons with an 18.4% stake in the company. According to the Bloomberg billionaires index, the SP Group has a networth of around $30 billion in 2022.

SP Group’s portfolio and holdings

The diversified conglomerate holds 18.6% shares in Tata Group, which was founded by the late senior Pallonji Mistry (great grandfather of Cyrus) in 1865 as Littlewood Pallonji & Co. The group, one of India’s oldest engineering and construction companies with diverse interests, including real estate and energy, also publicly holds stake in five listed companies with a net worth of over ₹2,965.9 crore as of June 30, 2022.

The SP Group owns 73.56% in Gokak Textiles, a yarn spinning mills company, which is estimated to be around ₹12.9 crore, as per data available on Trendlyne, a stock research firm. The conglomerate holds 72.56% shares worth ₹678.5 crore in Forbes & Company and 24.95% shares worth ₹1,428.9 crore in Sterling and Wilson Renewable Energy. Besides, the group owns 5.65% shares in SPS Finquest, which is valued around ₹4.7 crore, and 8.7% stake in Eureka Forbes, which is worth nearly ₹840.8 crore.

How SP Group stocks reacted to Cyrus Mistry’s death

Shares of Gokak Textiles, a microcap stock with m-cap of ₹17.68 crore, declined as much as 4% to hit a low of ₹27 on the Bombay Stock Exchange (BSE).

SPS Finquest, a non-banking finance company (NBFC), was the biggest loser, with the share price falling by 4.9% to ₹78.20 during the trade so far.

Similarly, the share price of Sterling and Wilson Renewable Energy dropped as much as 1.8% to ₹297.35, while Forbes & Company stock tumbled 4.4% to touch an intraday low of ₹719 on the BSE.

Bucking the trend, Eureka Forbes shares were trading 0.17% higher at ₹495, paring opening gains of 1.8%.

Meanwhile, the BSE benchmark Sensex witnessed broad-based buying, rising 437 points, or 0.74%, to 59,240 levels, with 24 of its 30 index heavyweights trading in the green zone. The top five gainers on the Sensex pack were Reliance Industries, HCL Tech, Kotak Mahindra Bank, ICICI Bank, and Tata Steel, rising in the range of 1-2%.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.