Mumbai: Most Tata group company stocks ended up on Thursday, a day after an NCLAT ruling reinstated Cyrus Mistry as chairman of the group holding company, Tata Sons.
Tata Consultancy Services (TCS) ended up nearly 3 per cent at Rs 2,228.65, Tata Steel ended up 0.5 per cent at Rs 446.75 and Tata Motors ended up 2.55 per cent at Rs 179.15. Tata Chemicals ended up 0.8 per cent at Rs 648.65 and Tata Communications ended flat at Rs 395.50. Tata Metaliks ended up 0.2 per cent, but Tata Elxsi ended down 1.4 per cent at Rs 857. Tata Power ended up 0.4 per cent at Rs 55.70.
The NCLAT held that the group’s chairman emeritus Ratan Tata’s actions against Mistry were oppressive and the appointment of the new chairman illegal. The NCLAT has stayed the operation of the order on reinstatement for four weeks.
“The entire issue has been handled very maturely by both the camps since the NCLAT order. The Tata Group will contest it in higher court but there will be some bottlenecks till the chairmanship issue is resolved,” said Dharmesh Kant, head of retail research at IndiaNivesh Securities. “Business will continue as usual for now till Supreme Court resolves this issue for once and for all,” said Kant.
Source: Economic Times