However analysts at Kotak Institutional Equities in 11th March Report had said that the news reports on Tata Sons evaluating options to avoid an IPO should deflate speculation around value-unlocking at Tata Chemicals. Their Sum of the Parts based fair Value for Tata Chemicals stood at Rs780. Kotak expect earnings per share to fall by about two-thirds over FY2023-25 since the margins on soda ash are falling. Hence Kotak had recommended flare-up in the stock to be considered an exit opportunity.