Tata Motors shares gain after Singur Nano Plant Land dispute win
Tata Motors Singur case:Â The matter pertains to a land row, due to which Tata Motors had to shift its plant to produce small cars from Singur in West Bengal to Sanand in Gujarat back in October 2008. Tatas, by then, had invested over Rs 1,000 crore in Singur.
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12:20 PM IST
Tata Motors share price NSE, Tata Motors Singur case: Tata Motors shares on Tuesday, October 31, rose over 2 per cent in the early trade to touch the day's high of Rs 642 on the NSE. The upward trend in the stock was witnessed after the Tata Group company stated on Monday that an arbitral tribunal has asked the West Bengal Industrial Development Corporation to pay the company Rs 766 crore in compensation in connection with losses incurred due to a land row on its manufacturing site in Singur back in 2008.
At the time of writing this report, the counter traded 1.11 per cent higher at Rs 635.5 on the NSE.
The matter pertains to a land row, due to which Tata Motors had to shift its plant to produce small cars from Singur in West Bengal to Sanand in Gujarat back in October 2008. Tatas, by then, had invested over Rs 1,000 crore in Singur.
Tata Motors, in its regulatory filing, said a three-member arbitral tribunal has ruled that the company is entitled to recover from the respondent West Bengal Industrial Development Corporation Ltd (WBIDC) a sum of Rs 765.78 crore with interest thereon of 11 per cent per annum from September 1, 2016, until the actual recovery thereof. Read more
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