Mistry's appointment brings markets down

MUMBAI, INDIA: A day after the Tata Group chose Cyrus Mistry as the successor to Ratan Tata, the markets reacted tepidly to the news and the conglomerate's scrips were trading lacklustre at the bourses.

The group announced late Wednesday evening that the younger son of construction tycoon Pallonji Shapoorji Mistry, whose family holds an 18.5 per cent stake in Tata Sons, making him the single largest shareholder would take over as chairman from Ratan in December 2012.

While industry heavy-weights welcomed the news and termed Mistry an appropriate choice, the markets don't seem much enthused with the news.

Here's how some of the key companies of the group were trading around noon Thursday at the Bombay Stock Exchange:

* Tata Motors hit a low of Rs.165.60 and was ruling 1.04 per cent down at Rs.166.75

* TCS hit a low of Rs.1,045 and was ruling 1.06 per cent down at Rs.1,051.15

* Tata Communications hit a low of Rs.176.30 and was ruling 1.77 per cent down at Rs.1,77.60

* Tata Coffee hit a low of Rs.771.20 and was ruling 0.1 per cent up at Rs.774.80

* Tata Steel hit a low of Rs.367.20 and was ruling 1.9 per cent down at Rs.375.25

* Tata Power hit a low of Rs.90.50 and was ruling 0.49 per cent up at Rs.91.75

* Voltas hit a low of Rs.82.25 and was ruling 0.66 per cent up at Rs.84.45

* Indian Hotels hit a low of Rs.57 and was ruling 0.09 per cent down at Rs.57.75

* Rallis India hit a low of Rs.147.10 and was ruling flat at Rs.149.10

* Tata Global Beverages hit a low of Rs.80.15 but was ruling 1.98 per cent higher at Rs.82.50.