Shares of Tata group companies rise after NCLT ruling
New Delhi: Shares of Tata group companies ended in green on Monday after the National Company Law Tribunal (NCLT) dismissed Cyrus Mistry's pleas against Tata Sons for removing him as chairman.
The scrip of Trent rose as much as 4.58 per cent to close at Rs 324 on the BSE, while that of Tata Global Beverages went up by 3.07 per cent to settle at Rs 275.05.
Voltas shares grew 2.44 per cent to end the session at Rs 532.25, Tata Metaliks moved up 2.27 per cent to Rs 708.40, Tata Communications advanced 2.11 per cent to Rs 602 and Tata Power gained 2.09 per cent to Rs 73.20.
Further, Tata Motors, Tata Investment Corporation, Tata Elxsi, Tata Coffee, Tata Chemicals, Tata Sponge Iron, Tata Teleservices Maharashtra also ended in the positive territory.
Meanwhile, Tata Consultancy Services (TCS) and Titan were the only losers. TCS fell 1.34 per cent to close at Rs 1,887.65 ahead of its June quarter earnings scheduled for Tuesday. Titan stock dropped by 1.08 per cent to settle at Rs 821.95. In a legal battle running for nearly two years, the NCLT on Monday dismissed the pleas of Cyrus Mistry challenging his removal as chairman of Tata Sons.
Mistry was removed as the Tata Sons board and majority of its members lost confidence in him, the tribunal said. In its ruling, the tribunal said it was not accepting Mistry's contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group. Mistry was ousted as Tata Sons Chairman in October 2016.