Tata Trusts said the Sir Dorabji Tata Trust had passed a resolution to set up a selection committee "as soon as possible" after N. Chandrasekaran said he would not seek reappointment as Tata Sons chairman when his term ends in February, following months of deadlock over his future. The succession move has revived investor concern about the influence of Tata Trusts, which the newer report said control 66% of Tata Sons, while the older report said the Sir Dorabji and Sir Ratan Tata trusts together owned more than 50% as of March 31. Reuters reported Chandrasekaran's decision was driven by disagreements over issues including a possible Tata Sons listing, Air India losses and the planned exit of a minority shareholder. Tata group stocks briefly lost a combined $4.6 billion in market value before recovering later on Thursday.