How Tata Group Stocks Reacted To Cyrus Mistry's Return As Executive Chairman

Tata Shares shares saw some knee-jerk reaction on the BSE to NCLAT order restoring Cyrus Mistry as Executive Chairman of Tata Sons before ending on a mixed note.

Tata Motors surrendered all its gains to end at 174.70, down 3 per cent, Tata Chemicals gave up all its early gains to end at Rs 643.30, down 1.6 per cent, and Tata Global ended at Rs 311.80, down 4.1 per cent and Voltas ended at Rs 654.70, down 2.15 per cent.

Among the gainers, Tata Communication retraced around 6 per cent from day's high of Rs 423.05 to end at Rs 394.30, up 1 per cent, Tata Steel ended at Rs 444, up 1.1 per cent, albeit off its day's high of Rs 454 and Rallis ended at Rs 170.35, up 1.9 per cent. TCS and Titan ended flat at Rs 2167 and Rs 1,159.35 respectively.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as executive chairman of Tata Sons, news agency Press Trust of India (PTI) reported. The tribunal, however, said the restoration order will be operational only after four weeks - the time allowed to Tatas to file an appeal.

The Tribunal held the appointment of Natarajan Chandrasekaran as executive chairman of the salt-to-software conglomerate as illegal, according to PTI. The development comes more than three years after Mr Mistry's abrupt ouster from the top helm of the group created an upheaval in the Indian corporate world.

However, the share of Sterling and Wilson Solar from the Shapoorji Pallonji Group rose nearly 3 per cent higher to Rs 321 after the tribunal's order. The Mistry family is the single largest shareholder in Tata Sons, with an 18.4 per cent stake.

The markets closed at record highs for the second consecutive day, with the S&P BSE Sensex index ending higher by 206.40 points or 0.5 per cent at 41,558.57and broader NSE Nifty benchmark ending at 12,222, up 56.65 points.