Tata Motors' shares surge over 5%; clarifies FIIs issue
The shares of Tata Motors on Tuesday surged over 5% after the company confirmed that foreign investors have not raised any concern over its Governance.
At 1230 hours the shares of the company were trading at Rs 534.95 per piece, up 5.45%, or Rs 27.65 on BSE.
On Monday, The Economic Times had reported that a group of foreign institutional investors (FIIs) that own more than 10% of the company has written to the board raising concerns about "the possibility of Tata Sons being given preferential access to strategic information ahead of other investors".
After the report, BSE had sought clarification from the company. Replying to the exchange, Tata Motors said, "The Company would like to inform that it is not in receipt of any such letter as is referred to in the news article and hence, no comments to offer."