Mumbai, Dec 18 (IANS) Tata Group stocks, except TCS, ended in the red after the National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as the Executive Chairman of Tata Group and ruled the appointment of N. Chandrasekaran in the post illegal.
However, stocks of Sterling and Wilson Solar from the Shapoorji Pallonji Group rose after the tribunal’s order.
Sterling and Wilson Solar scrips closed over 4 per cent higher at Rs 325 per share.
But shares of several Tata Group companies fell as the news was taken negatively.
While Tata Motors fell over 3 per cent to Rs 174.70 a share on the BSE, Tata Power closed at Rs 55.50 a share, down by 1 per cent.
Tata Chemicals fell nearly 2 per cent to Rs 643.30 apiece while Tata Global Beverages Ltd declined over 4 per cent to Rs 311.80 a share.
However, TCS managed to end in the green despite facing selling pressure after the NCLAT order. TCS closed 0.07 per cent higher at Rs 2,167.25 a share.
Mistry was appointed as the sixth chairman of Tata Group in 2012 but ousted following a boardroom coup on October 24, 2016. He subsequently moved the NCLT’s Mumbai bench.
On February 20, 2017, N. Chandrasekaran, who was heading TCS, took charge as Chairman of Tata Sons.
The Mistry family is the single largest shareholder in Tata Sons, with an 18.4 per cent stake.