New Delhi: Shares of various Tata Group companies on Wednesday plunged up to 4 percent after the National Company Law Appellate Tribunal (NCLAT) restored Cyrus Mistry as Tata Sons Chairman.
Tata Global Beverages tanked 4.14 percent, Tata Coffee plunged 3.88 percent and Tata Motors dropped 3.05 percent on the BSE. Tata Motors was the top loser among the BSE Sensex constituents.
Representational image. Reuters.
Also, Indian Hotels Company dipped 2.48 percent, Tata Chemicals fell 1.65 percent, Tata Investment Corporation 1.22 percent and Tata Power Company 0.98 percent.
In contrast, Tata Consultancy Services (TCS) stock rose marginally by 0.07 percent, Tata Metaliks gained 2.07 percent, Tata Communications 1.68 per cent, Tata Elxsi 1.53 per cent, Tata Steel 1.16 percent and Titan Company 0.09 percent.
In a big win for Cyrus Mistry, the NCLAT on Wednesday restored him as executive chairman of Tata Sons and ruled that appointment of N Chandrasekaran as the head of the holding company of salt-to-software conglomerate was illegal.
The NCLAT, however, stayed the operation of the order with respect to reinstatement for four weeks to allow Tatas to appeal.
Mistry, a scion of wealthy Shapoorji Pallonji family, was in a coup removed as Chairman of Tata Sons in October 2016.
Mistry, whose family owns 18.4 percent stake in Tata Sons, challenged his removal in the National Company Law Tribunal (NCLT).
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Updated Date: Dec 18, 2019 17:48:50 IST
