Tata stocks bounce back on value-buying

Tata group stocks today bounced back after three days of continuous decline, rising up to 5.6 per cent, on value-buying at lower levels.

Tata Motors jumped 2.89 per cent, Tata Steel rose 1.81 per cent and Tata Power gained 1.75 per cent on the BSE.

Besides,

Tata Metaliks soared 5.57 per cent, Tata Elxsi 4.95 per cent, Tata Teleservices 4.51 per cent, Tata Communications 3.87 per cent, Tata Global Beverages 2.42 per cent, Tata Coffee 2.25 per cent, Tata Chemicals 1.78 per cent and Indian Hotels (0.86 per cent).

But

TCS was still trading in the red.

The group stocks had lost value over the last three days, taking the total market value erosion to over Rs 26,000 crore, due to concerns over sudden ouster of Cyrus Mistry as the chairman of Tata Sons, the main holding firm for the group companies.

These stocks had also lost ground due to worries about purported disclosure made by the ousted group chairman Mistry about huge write-down risks at some firms.

Tata Steel and Indian Hotels had yesterday said they have always made all relevant disclosures and have no further comments to offer following the comments made by Mistry that Tata group firms could face a potential $18-billion writedown.