Various Tata Group stocks tank up to 4% after NCLAT restores Cyrus Mistry as Tata Sons head; TCS shares up marginally
Tata Global Beverages tanked 4.14%, Tata Coffee plunged 3.88% and Tata Motors dropped 3.05% on the BSE.
-
Tata Motors was the top loser among the BSE Sensex constituents
-
Indian Hotels Company dipped 2.48%, Tata Chemicals fell 1.65%, Tata Investment Corporation 1.22% and Tata Power Company 0.98%
-
The NCLAT stayed the operation of the order with respect to reinstatement for four weeks to allow Tatas to appeal
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).
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
also read
Sensex jumps over 300 points to breach 50,000-mark for first time; NSE Nifty tops 14,700
Bajaj Finserv was the top gainer in the Sensex pack, rising around 4 percent, followed by Bajaj Finance, Reliance Industries, IndusInd Bank and Axis Bank
Tata Altroz iTurbo launched in India at a starting price of 7.73 lakh
The Altroz iTurbo is powered by a detuned version of the three-cylinder 1.2-litre turbo-petrol from the Nexon.
Tata Altroz iTurbo with a 1.2-litre three-cylinder turbocharged petrol engine to launch today
The upcoming Altroz is updated with Tata's iRA connected technology, including an understanding of over 70 voice commands in English/Hinglish and more.