Share price for majority of Tata Group companies witnessed growth on Thursday, in sync with domestic markets, after Tata Sons moves to Supreme Court challenging the verdict of National Company Law Appellate Tribunal (NCLAT) favouring Cyrus Mistry.
On December 18, 2019, NCLAT had reinstated Cyrus Mistry as the executive Chairman and director of Tata Sons and the three group companies – Tata Consultancy Services Ltd (TCS), Tata Industries Ltd and Tata Teleservices (Maharashtra) Ltd. The two-judge bench had termed the appointment of N. Chandrasekaran as Cyrus’s successor as ‘illegal’.
During the same verdict, the bench had also given a four-week period to the Tata Sons to appeal to the apex court.
The petition seeks a stay on the NCLAT order in the wake of the TCS Board Meeting slated for January 9.
By the end of day’s trading on Thursday Tata Group companies gained at different percentages. Tata Steel closed at Rs 484.95 up by 3.68% at BSE, and at NSE it rose by 4.29% to reach Rs 487.80; Tata Motors on BSE rose by 25.12% at Rs 193.85, and at NSE it was Rs 193.85 increased by 5.10% ; Rallis India Limited raise by 2.41% on BSE at Rs 178.65, and 1.86% at Rs 178.00 on the NSE; Trent Ltd was fallen behind the chart with a hike of only 1.90% at Rs 539.80 on BSE and 2.23% at Rs 541.45 on NSE.
Unlike other sister companies, Tata Consultancy Services Limited was among other laggards with a loss by 0.57% at Rs 2,157.45 on BSE and at NSE it was down by 0.49% at Rs 2,157.00.
(With input from agencies)