Tata Group stocks gains as Supreme Court ruled in favour of Tata Sons
Published On: Friday, March 26, 2021 | By: Team KnowMyStock
Shares of Tata Group companies, on Friday, rallied up to 6 per cent in intra-day trade on the BSE after the Supreme Court announced its verdict in favour of the Tata Group in the high-profile Tata vs Cyrus Mistry. Indian Hotels was the biggest gainer, rising 5.75 per cent, followed by Tata Steel, Tinplate, Tata Steel BSL, Tata Motors, Tata Power, Nelco, Tata Communication, Tata Coffee, Titan and Tata Chemicals NSE 1.79 % that gained 3-6 per cent. The Supreme Court's verdict in the nearly five-year-old case puts an end to the corporate war between Tata Group and the Mistrys. A bench headed by Chief Justice SA Bobde also dismissed the appeals moved by the SP Group and Cyrus Investments.
The National Company Law Appellate Tribunal (NCLAT) had on December 18, 2019, restored Mr Mistry as the executive chairman of the conglomerate. That order, challenged by the Tatas, has been scrapped. Ratan Tata, in a statement, said the order validated the values and ethics that had always guided the Tata Group. It is not an issue of winning or losing.
Tags: tatagroup supremecourt NCLAT
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