Shares of various Tata Group companies remained under pressure on Thursday as well, falling up to 2 per cent in morning trade, after the National Company Law Appellate Tribunal (NCLAT) restored Cyrus Mistry as Tata Sons Chairman. Tata Power Company fell 1.62 per cent, Tata Coffee declined 1.52 per cent, Tata Metaliks dipped 1.60 per cent, Tata Steel 1.46 per cent and Tata Communications 1.23 per cent on the BSE in early trade.
The scrip of Tata Global Beverages fell 0.89 per cent, Indian Hotels Company slipped 0.62 per cent, Titan Company 0.46 per cent, Tata Motors 0.37, Tata Investment Corporation 0.14 per cent and Tata Consultancy Services stock fell 0.10 per cent. However, later some of these scrips such as Tata Motors and TCS bounced back and were trading with gains. Various group scrips had fallen up to 4 per cent in the previous trade after the order.
In a big win for Cyrus Mistry, a company law appeals court on Wednesday restored him as executive chairman of Tata Sons and ruled that appointment of N Chandrasekaran as head of the holding company of over USD 110 billion salt-to-software conglomerate was illegal. It, however, stayed the operation of the order with respect to reinstatement for four weeks to allow Tatas to appeal.
Mistry, scion of the wealthy Shapoorji Pallonji family, had in December 2012 succeeded Ratan Tata as the Executive Chairman of Tata Sons, a post that also made him the head of all Tata group listed firms such as Tata Power and Tata Motors.
In an overnight coup, he was removed as the Chairman of Tata Sons in October 2016. Along with him, the entire senior management too was purged and Ratan Tata was back at the helms of affairs four years after he took retirement.
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