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Tata Group stocks up even as NCLAT reinstates Cyrus Mistry as chairman; Tata Motors, TCS rise over 1%

Updated : December 19, 2019 09:49 AM IST

Shares of Tata Group companies were trading in greed on Thrusday even after National Company Law Appellate Tribunal (NCLAT) restored Cyrus Mistry as executive chairman of Tata Group

Among stocks, Tata Motors rose 1.5 percent, TCS added 1.3 percent, Tata Global Beverages gained 0.9 percent, Tata Metalicks rose 0.7 percent.

Meanwhile, only Tata Power was down 0.5 percent in morning deals.

Shares of Tata Group of companies were trading in greed on Thursday even as National Company Law Appellate Tribunal (NCLAT) reinstated Cyrus Mistry as the executive chairman of Tata Group three years after he was sacked on the ground of non-performance. NCLAT also held that subsequent appointment of N Chandrasekaran as executive Chairman was illegal.

However, Tata Group can challenge the ruling reinstating Mistry within four weeks in the Supreme Court. NCLAT, after hearing both sides, had reserved its order in the matter in July.

Among the Tata Group stocks, Tata Motors rose 1.5 percent, TCS added 1.3 percent, Tata Global Beverages gained 0.9 percent, Tata Metaliks rose 0.7 percent, Tata Steel advanced 0.2 percent, Tata Chemicals added 0.1 percent and Titan was up 0.12 percent. However, Tata Power share was down 0.5 percent in the morning deals.

Mistry, a scion of wealthy Shapoorji Pallonji family that owns a minority stake in Tata Sons, has been locked in a legal feud with Tata Sons and Tata family patriarch Ratan Tata after he was removed as chairman of the Group in October 2016.

Mistry accuses the Tatas of mismanagement and oppression of minority shareholder interests. Tata denies the charges. Ratan Tata heads the trusts that own a majority stake in Tata Sons. Mistry’s family firms own an 18.4 percent stake.

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