Tata Steel falls over 3 pc post Wadia ouster

Shares of Tata Steel dropped over 3 per cent today following the ouster of independent director Nusli Wadia from the company's board.
On BSE, the stock closed at Rs 392.40, down 3.09 per cent from its previous close. It had opened at Rs 404.50 and dipped 3.57 per cent to an intra-day low of Rs 390.45.
Following the decline in the counter, the market capitalisation of the company fell by Rs 1,214.02 crore to Rs 38,110.49 crore.
The scrip lost 2.84 per cent on the NSE to end at Rs 393. After opening at Rs 404.50, it fell 3.52 per cent to touch an intra-day low of Rs 390.25.

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 per cent of shareholders present at yesterday's EGM voting in favour of his ouster," Tata Steel said in a filing to BSE today.

The company said that out of its total shares of 97.12 crore, 62.54 crore votes were polled, which translate into 64.4 per cent.
"Total vote in favour of the resolution was 56.79 crore, i.E. 90.80 per cent, and total vote against the motion was 5.75 crore, i.E. 9.20 per cent," it added.

The benchmark Sensex ended the day at 25,979.60, down 1 per cent from its previous close.