Tata Trusts Chairman Noel Tata said he fears that listing Tata Sons, the Tata Group's holding company, on the stock market would change the "Tata way". "If we have 30,000-40,000 shareholders, profit may take precedence over philanthropy. I think that'll fundamentally change the Tata way of working," Noel said. "Tata way...revolves around a single premise: charity precedes commerce," he added.