Ratan Tata steps down as Bombay Dyeing's director

Steps down after 33-yr stint, resignation was approved by the board on Thursday

Ratan Tata has stepped down as the director of Bombay Dyeing after a 33-year stint.

Tata's resignation from the post was approved in the board meeting on Thursday, the company informed the stock exchange.

He stepped down as the Tata group chairman last December after being selected for the post in 1991.

Meanwhile, Bombay Dyeing reported a net loss of Rs 26.86 crore for the third quarter ended December 31, 2012, against a net loss of Rs 52.11 crore.

Shares of the company went down by 0.98% to close at Rs 105.55 on BSE.

Net sales of the company stood at Rs 471.07 crore for the third quarter, as compared to Rs 421.40 crore. For the nine months ended December 2012, the company's topline increased to Rs 1,441 crore from Rs 1,308 crore. Net loss reduced to Rs 82 crore from Rs 126 crore.