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Last Updated : Sep 23, 2020 10:19 AM IST | Source: Moneycontrol.com

Tata Group stocks trade mixed as SP Group to exit from Tata Sons

The Mistry family-led group had recently missed a deadline to clear its dues owed to its group company Sterling and Wilson Solar.

 
 
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Tata Group stocks were trading mixed after Shapoorji Pallonji (SP) Group on September 22 told the Supreme Court that it would exit from Tata Sons.

In a statement, the SP Group, which owns 18 percent stake in Tata Sons, said separation from the Tata group is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy, indicating a potential end of the 70-year-old relationship between the two of India’s biggest groups.

The Supreme Court had ordered a status quo on the transfer and pledging of Tata Sons' shares by it.

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The Mistry family-led group had recently missed a deadline to clear its dues owed to its group company Sterling and Wilson Solar.

According to an Economic Times report, a Tata Sons lawyer informed the SC of the offer to purchase the 18 percent stake owned by the cash-strapped Shapoorji Pallonji Group to raise money for paying maturing debt.

Also Read - SP Group, Tatas to part ways: Here's what experts have to say

At 09:31 hrs Tata Coffee was quoting at Rs 104.00, up Rs 0.90, or 0.87 percent and Tata Chemicals was quoting at Rs 277.25, down Rs 2.15, or 0.77 percent.

Tata Consultancy Services was quoting at Rs 2,494.65, down Rs 28.90, or 1.15 percent and Tata Motors was quoting at Rs 134.45, up Rs 1.35, or 1.01 percent.

Tata Steel was quoting at Rs 365.80, down Rs 8.40, or 2.24 percent and Tata Power Company was quoting at Rs 51.70, up Rs 0.15, or 0.29 percent.
First Published on Sep 23, 2020 10:19 am
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