Tata Group shares trade firm; Tata Motors up 2%
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Shares of Tata Group companies were trading higher by up to 5%, recouping part of their losses recorded in past three trading sessions.
Tata Motors, Tata Motors DVR, Tata Communications, Tata Metaliks, Tata Elxsi, Tata Teleservices (Maharashtra), Tata Sponge Iron, Tata Coffee, Tata Global Beverages were up between 2%-5% on BSE. Tata Consultancy Services (TCS), however, is down nearly 1% as compared to 0.18% decline in the S&P BSE Sensex at 09:48 am.
Most of these stocks had fallen in the range of 6%-13% in past three trading days after Tata Group's holding company Tata Sons on Monday abruptly ousted Cyrus Mistry as chairman and replaced him with his 78-year-old predecessor Ratan Tata, a scion of the founding family. The benchmark index was down 0.93% during the same period.
Tata Group on Thursday said it ousted Mistry because of a growing “trust deficit” with its biggest shareholders after the former head accused directors of the conglomerate of wrongfully dismissing him in an e-mail Tuesday, a copy of which was obtained by Bloomberg. Mistry said he faced constant interference by his predecessor, Ratan Tata, to the point that he was pushed into becoming a "lame duck" chairman, according to the e-mail.
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