Shares of Tata group companies declined in Mumbai after Tata Trusts proposed restructuring Tata Sons, the conglomerate’s holding company, to sidestep a Reserve Bank of India requirement that it list its shares. Tata Motors Passenger Vehicles fell 2.8% and Tata Investment lost 2.4% by 9:43 a.m. IST on Tuesday. Tata Trusts, which owns 66% of Tata Sons, said the proposed merger of two group companies with the holding company complies with RBI guidelines. Noel Tata, chairman of Tata Trusts, said the charity hoped to reach a solution with the central bank that would avoid a listing. Tata Sons controls more than 30 group companies and owns significant stakes in listed businesses including Tata Consultancy Services, Tata Motors Passenger Vehicles, Tata Steel and Trent. The proposal follows a dispute over the reappointment of Tata Sons Chairman N. Chandrasekaran and the proposed listing. Noel Tata said a listing would change Tata Sons’ operating model, increase market scrutiny and disclosure requirements, and potentially affect the group’s philanthropic work. Expectations of a Tata Sons listing had increased after the RBI rejected the company’s request to leave its non-bank finance company status.