Tata group stocks rise up to 6% after Supreme Court rules in favour of Tatas against Mistry
The court has set aside a December 17, 2019 order that allowed the reinstatement of Cyrus Mistry as the chairman of Tata Sons.
March 26, 2021 / 12:07 PM IST
Share prices of Tata group companies rose up to 6 percent intraday on March 26 after the Supreme Court ruled in favour of Tata Sons, allowing the conglomerates' appeals against the NCLAT order reinstating Cyrus Mistry as the chairman.
The court set aside the order of December 17, 2019, which had allowed the reinstatement of Cyrus Mistry as Tata Sons chairman.
"All the questions of law are liable to be favoured for Tata group. The appeals are allowed by Tata group," Chief Justice SA Bobde was quoted as saying by legal news website Bar & Bench.
The feud between the two parties began in 2016 after Mistry was ousted as the chairman of the conglomerate. N Chandrasekaran was appointed as the executive chairman of Tata Sons.
At 1146 hours, Tata Consultancy Services was quoting at Rs 3,105.70, up Rs 37.65, or 1.23 percent, and Tata Motors was quoting at Rs 298.25, up Rs 12.75, or 4.47 percent on the BSE.
Tata Power Company was quoting at Rs 102.40, up Rs 3.80, or 3.85 percent, Tata Communications was quoting at Rs 1,103, up Rs 29.10, or 2.71 percent and Tata Steel was quoting at Rs 765.00, up Rs 42.10, or 5.82 percent on the BSE.Tata Chemicals
was quoting at Rs 751, up Rs 19.80, or 2.71 percent and Tata Coffee
was quoting at Rs 120, up Rs 3.60, or 3.09 percent on the BSE.