Shares of Tata Group firms surge after Supreme Court verdict against Cyrus Mistry

MUMBAI: The shares of Tata Group companies shot up on Friday after the Supreme Court came up with a favourable judgement for the group in the case relating to removal of Cyrus Mistry as the executive chairman of the conglomerate.

The Supreme Court on Friday accepted all contentions of the Tata Group and set aside the order of the NCLAT, which restored Cyrus Mistry as the executive chairman of the Tata conglomerate.

A bench headed by Chief Justice S.A. Bobde said all questions of law are in favour of Tata Group and dismissed the appeals filed by Mistry. The top court upheld the Tata Sons decision to sack Cyrus Mistry on October 24, 2016.

Post the verdict shares of Tata Motors surged over 4 per cent and those of Tata steel rose 5 per cent.

Around 12 noon, stock price of Tata Steel on the BSE was at Rs 761.85, higher by Rs 38.95 or 5.39 per cent from its previous close.

Shares of Tata Motors were Rs 298, higher by Rs 12.50 or 4.38 per cent from its previous close. Share price of Tata Consultancy Services was at Rs 3,096, higher by Rs 27.95 or 0.91 per cent. Tata Consumer Products' shares were trading at 2.01 per cent higher at Rs 627.55 per share on the BSE, and the stock price of Tata Communications were at Rs 1,104.65, up Rs 30.75 or 2.86 per cent. The top court's judgement comes as a major boost for the group. (IANS)

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