The Tata pack of shares bounced back in early trade after three weak trading days led by Tata Elxsi which rose 2.63 per cent and was trading up Rs 32.85 at Rs 1274.50 at 9.45 AM.
Among other Tata group shares which rose in early trade was Tata Motors which was up 2.52 per cent or Rs 13.15 and was at Rs 535, Tata Communications up 2.42 per cent at Rs 640.90 showing a gain of Rs 15.96 and Tata Global Beverages which was trading 1.81 per cent up at Rs 140 with a gain of Rs 2.50.
Tata Steel was up by Rs 6.75 or 1.70 per cent and trading at Rs 403.85 while Tata Chemicals was up 1.01 per cent or Rs 1.55 at Rs 544.10. Indian Hotel too showed marginal gains of 0.39 per cent at Rs 115.45.
The Tata groups stocks upmove comes after the group came out strongly against its ousted Chairman, Cyrus Mistry’s communication to the Board of Directors alleging that outside interference and not being allowed to function as per his plans. He also alleged that some Tata group companies’ financial might not be in order.
However, in a rebuttal, the group yesterday said that the Chairman’s assertions did not hold any water and that they have proof to rebut each and evey allegation. It said that the Mistry had lost the confidence of the board.
The Tata group spat had taken a huge toll on the shares of group companies which came under selling pressure during the last three days, with almost all of them ending in the red in each trading session after the news of the Chairman’s removal broke.