Tata Group stocks in focus post Mistry resignation

In an unexpected turn of events, ex-chairman of Tata Sons, Cyrus Mistry late last evening i.e. Monday, December 19 announced his resignation from all the listed Tata Group companies in a statement released post the conclusion of Tata Sons board meeting.

Right before the EGMs (extraordinary general meeting) of Tata Motors, Tata Power, Tata Chemical, and Indian Hotels, which were scheduled to take place in the coming days and weeks, Cyrus Mistry was removed as a board member from TCS, post failing to garner enough votes in the recently concluded TCS EGM.

In a statement made via a video call, Mistry said that he would take the battle to a forum "where the rule of law and equity is upheld". He also lashed out at Ratan Tata for his poor dealing in the functioning of the group.

Post resignation of Mistry the stage seems to be set for a legal battle between the Tata Group and Cyrus Mistry.

Post announcement stocks of six Tata Group listed companies were trading flat to positive.

TCS- CMP- Rs 2318.80 (up 1.32 %)

Tata Motors- CMP- Rs 473.75 (up 0.30 %)

Tata Steel- CMP- Rs 406.65 (down 1 %)

Tata Power- CMP- Rs 77.95 (up 1 %)

Indian Hotels- CMP- Rs 98.20 (down 0.25 %)

Tata Global Beverages- CMP- Rs 123.65 (down 0.52 %)