Tata Motors scrip down nearly 4%, erodes Rs 5,871 cr in mcap

Shares of Tata Motors declined by nearly 4 per cent today after the company has called an extraordinary general meeting (EGM) on December 22 to seek shareholders' approval for removing Cyrus Mistry and Nusli Wadia as directors of the firm.
The stock ended the day with a loss of 3.89 per cent at Rs 453.05 on BSE. During the day, it slipped 4.53 per cent to Rs 450.
On NSE, shares of the company dipped 3.93 per cent to settle at Rs 452.95.
Following the drop in the stock, the company's market valuation plunged Rs 5,870.81 crore to Rs 1,30,231.19 crore.

In terms of volume, 5.58 lakh shares of the company were traded on BSE and over 80 lakh shares changed hands on NSE during the day.
The stock was the worst performer among the bluechips on both Sensex and Nifty during the day.

Ousted from Tata Sons, Mistry continues to be Chairman of group firms like Tata Motors and Tata Chemicals.
Tata Sons, the company's promoter with 26.51 per cent stake, had asked Tata Motors on November 10 to convene an EGM for passing a resolution for removal of Mistry and Wadia as directors.
In a board meeting held on November 14, independent directors of Tata Motors did not offer unanimous support to his leadership and instead backed all decisions taken by the company.

In a filing to the BSE yesterday, Tata Motors said the company's board at its meeting decided to convene an EGM "to consider and if thought fit, to pass an ordinary resolution for removal of C P Mistry and Nusli Wadia as directors of the company".