New Delhi: Shares of Tata Steel dropped over 3% on Thursday following the ouster of independent director Nusli Wadia from the company’s board. On BSE, the stock closed at Rs392.40, down 3.09 % from its previous close.
It had opened at Rs404.50 and dipped 3.57% to an intra-day low of Rs390.45. Following the decline in the counter, the market capitalisation of the company fell by Rs1,214.02 crore to Rs38,110.49 crore. The scrip lost 2.84% on the NSE to end at Rs393.
After opening at ₹ 404.50, it fell 3.52% to touch an intra-day low of ₹ 90.25. A total of 6.70 lakh shares of the company were traded on BSE, while 40.84 lakh shares changed hands on NSE.
“Independent director Nusli Wadia has been removed from the company’s board, with 90.8% of shareholders present at Wednesday’s EGM voting in favour of his ouster,” Tata Steel said in a filing to BSE on Thursday.
The company said that out of its total shares of 97.12 crore, 62.54 crore votes were polled, which translate into 64.4% .
“Total vote in favour of the resolution was 56.79 crore, i.e. 90.80%, and total vote against the motion was 5.75 crore, i.e. 9.20% ,” it added.
The benchmark Sensex ended the day at 25,979.60, down 1% from its previous close.
