On Thursday, the fall in share prices continued. While Indian hotels fell 5.3 per cent, Tata Steel and Tata Motors fell by 0.4 and 1.4 per cent, respectively.
While sales in the domestic market stood at 3,83,030 units (YoY growth of 18.5 per cent), exports stood at 35,440 units up 17.9 per cent.
The market cap of listed Tata companies has fallen by close to Rs 27,000 crore in the last three days. Foreign investors are also likely to get nervous if the situation continues for long.
In an email to the board and trustees, Mistry made a slew of allegations including fraudulent transactions, unethical practices and conflict of interest.
The primary concern of the state government now, according to sources, is whether or not the Tata Group will ask for compensation for their losses — amounting to almost Rs 1,400 crore.
Tata Sons countered his allegations saying the former chairman was fully empowered to lead the group and its companies but had “overwhelmingly” lost the confidence of board members.
In July this year, United Spirits Ltd (USL) had made it clear that an earlier settlement reached with Mallya would not absolve him of the claims arising out of the new findings of an internal 'Additional Inquiry'.
The ministry's comments come a day after Mistry's allegations, contained in a confidential letter dated October 25, became public wherein he wrote about certain financial irregularities regarding AirAsia India, where Tatas are a partner, including a "fraudulent transaction" of Rs 22 crore.
With the contents of Mistry's letter, which he wrote to its Board members after being sacked, becoming public, Tata Sons regretted that "a communication marked confidential to Tata Sons board members has been made public in an unseemly and undignified manner".
On September 25, a single judge had dismissed the suit by the current operator IHCL, to renew its licence and upheld the NDMC's decision to go for auction.
In a statement, Tata Sons said that it is unfortunate that Mistry is making all the allegations and misrepresenting facts about business decisions which he was party to for over a decade in different capacities.
Bhargava said the idea behind Nano, as conceived by Tata, was to offer an affordable and safer mode of personal transportation to two-wheeler riders and their families, which needs to be lauded.
ONGC also said its board approved issue of bonus shares in the proportion of one new equity share for every two existing ones of Rs 5 each.
PNB Housing Finance has raised over Rs 894 crore by allotting shares to anchor investors.
In March, the department had claimed in a petition to the Bombay High Court that Vijay Mallya's total disputed liability in respect of service tax was to the tune of Rs 535 crore.
The company had posted a net profit of Rs 1,497 crore during the July-September period of last fiscal, 2015-16.
The company's scrip fell by almost 20 per cent to touch its lower circuit breaker limit during the early morning trade session.
Ather is a Bengaluru-based technology start-up engaged in the business of designing and manufacturing smart electric vehicles (EVs) and associated charging infrastructure,
The profit contrasted with a loss of 6 billion euros a year ago, when the bank had large one-time charges.
Indian mining giant Adani today said it plans to start construction of a 21.7 billion dollar Carmichael coal mine project in Australia in 2017 after years of legal delays over environmental approvals. “The company is moving ahead, having already invested more than 3.3 billion dollar to date, and still proposes to start the construction stage […]
Tata Motors and Tata Power were down nearly three per cent each while Tata Steel was trading nearly 2 per cent down in early morning trade at BSE.
Ousted chief Cyrus Mistry attacks Ratan Tata, ‘legacy hotspots’; Singhvi rises to Tata defence.
Experts feel that the boardroom battle between Ratan Tata and Cyrus Mistry and the corporate governance issues emanating from this dispute will hurt corporate India.
In a strongly-worded e-mail to Tata Sons directors and Tata Trusts, Mistry listed various omissions and commissions by group firms — including Ratan Tata’s — that he inherited four years ago.
In an explosive confidential email to Tata Sons board members, Mistry warned that the salt-to-software giant may face Rs 1.18 lakh crore in writedowns because of five unprofitable businesses he inherited.
"To 'replace' your Chairman without so much as a word of explanation and without affording him an opportunity of defending himself, in a summary manner must be unique in the annals of corporate history," he wrote.
Aixtron sells its equipment, which is used to deposit chemical layers on silicon wafers, mainly to light-emitting diode chipmakers.
Cyrus Mistry said he was promised a free hand when he was appointed Chairman in December 2012 but Articles of Association were modified.
Borje Ekholm joins Ericsson from his current position as CEO of Patricia Industries, a division within Investor.
In the letter, which was accessed by CNBC TV-18, Mistry made some serious revelation of the functioning of Tata Sons and said his removal "without explanation is unique in the annals of corporate history. "
In terms of vertical growth, investors are looking at domains like health-tech, fin-tech, and edu-tech.
The bank's net profit in the July-September quarter of the previous fiscal stood at Rs 332.37 crore.
It is lowest since the first quarter of 2010, when Hyundai adopted international financial reporting standards.
The contents of the mail, which have not been made public, reportedly accuses the board of not giving Cyrus a chance to defend himself.
The lawsuit comes at a time when Crown is grappling with a crisis in China after 18 company employees were detained for suspected "gambling crimes".
The Tata move comes a day after a Tata Sons board announcement said Mistry would be immediately replaced by Ratan Tata, for an interim period of four months.