Automobile News

Tata group stocks centre of activity, Indian Hotels slumps

New Delhi: Tata group stocks today saw hectic activity, with shares of Indian Hotels Company falling by over 4 per cent, as a shareholder meeting has been called to seek removal of Cyrus Mistry from the company. Shares of Indian Hotels fell 4.16 per cent on BSE.

Besides, TCS was down 0.60 per cent while Tata Motors ended flat, down 0.05 per cent. On the other hand, shares of Tata Steel surged 9.27 per cent, Tata Metaliks jumped 5.73 per cent, Tata Communications soared 5.24 per cent, Tata Power (4.82 per cent), Tata Sponge Iron (3.67 per cent), Tata Global Beverages (2.83 per cent), Tata Coffee (2.55 per cent), Tata Chemicals (1.97 per cent) and Tata Elxsi (1.62 per cent).

In sharp escalation of boardroom battle at the Tata Group, patriarch Ratan Tata-led holding entity removed Cyrus Mistry as chairman of TCS, the conglomerate’s most successful firm, and called a shareholders’ meet to remove him from IHCL that runs Taj hotels.

Mistry, who was ousted as chairman of Tata Sons in a surprise move last month, however dug in his heels, rallying around independent directors of Tata Chemicals — the second group firm after Indian Hotels Co Ltd (IHCL) where independent directors have backed him as chairman. Tata Sons asked IHCL, where it holds 28.01 per cent, to call an extraordinary general meeting (EGM) shareholder meet to consider removing Mistry as director of the company. Mistry is chairman of IHCL.