100 global brands: Tata Group out, Google most valuable brand
Ongoing legal tussle between Cyrus Mistry and Ratan Tata took its toll on Tata Group's global image.
Mumbai: Tata Group has lost its place in 100 global brands’ list for 2017, Business Standard cited Brand Finance 2017 report. The $103 billion salt-to-steel conglomerate was the only Indian corporate house to have had made a room for itself in the list in 2016.
Tata-Mistry dispute that culminated in a legal fight at National Company Law Tribunal dented company’s global image. Shares of some of Tata Group companies also took a hit on bourses. Subsequently, the Group lost large amounts in value.
iPhone maker Apple Inc was another big loser, according to Brand Finance 500 report quoted by Business Standard.
It said Google swapped ranks with Apple Inc to become world’s most valuable company. The search engine behemoth added 24 per cent more wealth to its portfolio in 2016 that took its total value from $88.2 billion to $109.4 billion.
In contrast, Apple’s value slipped from $145.9 billion to $107.1 billion, according to the report.