Tata Group stocks rises up to 6% following SC’s verdict in Tata vs Mistry case
The Supreme Court’s verdict in favour of Tata Group has put an end to the corporate war between Tata Group and the Mistrys.
Tata Group companies’ share prices saw a dramatic spike as the Supreme Court ruled in favor of Tata Sons on Friday, March 26. Post the hearing, Tata Steel jumped 6 per cent at Rs 766.30 while Tata Communications trading hiked to 5.23 percent.
The recent hike allowed the conglomerates’ appeals against the NCLAT order reinstating Cyrus Mistry as the chairman. The Supreme Court’s verdict in the nearly five-year-old case has put an end to the corporate war between Tata Group and the Mistrys.
According to a Bar & Bench report, Chief Justice SA Bobde said, “All the questions of law are liable to be favored for Tata group. The appeals are allowed by Tata group.”
At 1146 hours, Tata Consultancy Services Ltd, was trading up 0.70 per cent at Rs 3,092.05 (1.22 per cent up at 1354 hours), Tata Power was up 4.72 per cent at Rs 103.25 and Tata Chemicals was trading up 2.03 per cent at 746.05 on the BSE at 1354 hours.
Tata Power Company was up 4.72 per cent at Rs 103.25 and Tata Communications was quoting at Rs 1,103, up to Rs 29.10, or 2.71 per cent.
Meanwhile, Tata Steel was quoting at Rs 765.00, up to Rs 42. 10, or 5.82 per cent on the BSE and Tata Coffee was quoting at Rs 120, up to Rs 3.60, or 3.09 per cent on the BSE.