Shares of Tata Group stocks are trading on a mixed note after the National Company Law Appellate Tribunal (NCLAT) on Wednesday ruled in favour of Cyrus Mistry on a petition challenging his removal as Chairman of Tata Sons.
The tribunal restored Mistry as the Executive Chairman of Tata Group, holding the appointment of N Chandrasekaran as executive chairman illegal.
Currently, shares of TCS, Tata Global Beverages, Voltas, Tata Chemicals and Titan are flat, while Tata Motors is up 1%. Tata Steel and Trent fell fractionally on the BSE.
The NCLAT noted that there was "prejudicial" behaviour from the Tata Sons board towards the minority shareholders. It also noted that the manner of removal of Mistry was hasty.
The NCLAT has also given clear directions to Ratan Tata to maintain arms distance as far as Tata Sons board is concerned.
A window of 4 weeks has been given by the NCLAT on the reinstatement of Cyrus Mistry. Thus, Tata Sons can appeal within these four weeks against the order of restoring Mistry as executive chairman.
Stock view:
Tata Consultancy Services Ltd is currently trading at Rs2,172.30, up by Rs5.05 or 0.23% from its previous closing of Rs2,167.25 on the BSE.
Tata Motors Ltd is currently trading at Rs177, up by Rs2.3 or 1.32% from its previous closing of Rs174.70 on the BSE.
Voltas Ltd is currently trading at Rs654.10, up by Rs0.1 or 0.02% from its previous closing of Rs654 on the BSE.
Trent Ltd is currently trading at Rs512, down by Rs1.25 or 0.24% from its previous closing of Rs513.25 on the BSE.
Titan Company Ltd is currently trading at Rs1,156.85, down by Rs2 or 0.17% from its previous closing of Rs1,158.85 on the BSE.
Tata Global Beverages Ltd is currently trading at Rs312.10, up by Rs0.3 or 0.1% from its previous closing of Rs311.80 on the BSE.
Tata Chemicals Ltd is currently trading at Rs645, up by Rs1.7 or 0.26% from its previous closing of Rs643.30 on the BSE.
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