TCS rallies above Rs 2,200 as Tata Son appoints new chairman

NEW DELHI: Shares of Tata Consultancy Services (TCS) rallied over 2 per cent to reclaim the Rs 2,200 mark on Thursday after the IT major told the Bombay Stock Exchange that it had received a notice from its parent Tata Sons nominating Ishaat Hussain as Chairman of the company, immediately replacing Cyrus Mistry.

At 01:45 pm, TCS pared some of the morning gains but was trading 1.3 per cent higher at Rs 2,200. It hit a low of Rs 2,180 and a high of Rs 2,219 in afternoon trade.

“In view of this, Mistry has ceased to be the Chairman of the Board of Directors of the company and Hussain is the new Chairman of the company,” TCS said in a statement.

“The company has been further informed that Hussain shall hold office as Chairman of the company until a new Chairman is appointed in his place,” it said.

Tata Sons has also issued a notice calling for an extraordinary general body meeting to remove Mistry as a director of the company. The EGM will have to be held within 45 days.