New Delhi, Apr 28 (PTI) Shares of Tata Teleservices
(Maharashtra) Ltd today saw heavy buying, soaring nearly
20 per cent, after the Delhi High Court rejected RBI’s
intervention plea in the Tata-Docomo case.
The stock jumped 19.94 per cent to settle at Rs 8.30 —
its highest trading permissible limit for the day — on the
On the NSE, it surged 19.56 per cent to close at Rs 8.25.
The company’s market valuation rose by Rs 270.59 crore to
Rs 1,622.59 crore.
On the volume front, 28.67 lakh shares of the company
were traded on the BSE and over 89 lakh changed hands on the
NSE during the day.
While Tata Sons and group companies hold 63.11 per cent
stake in the firm, NTT Docomo has 11.76 per cent, as per March
quarter data with BSE.
The Delhi High Court today rejected the RBI’s
intervention plea in the Tata-Docomo case while taking on
record the terms of consent of the settlement between the
Japanese telecom major and Tata Sons over the payment of USD
1.17 billion damages to the former.
Justice S Muralidhar in his verdict set aside the Reserve
Bank of India’s (RBI) intervention plea opposing the
settlement as well as the damages awarded to Docomo by the
London Court of International Arbitration (LCIA).
Docomo and Tata had gone for arbitration as the Indian
company was not able to find a buyer for the Japanese telecom
major’s 26.5 per cent stake in their joint venture, Tata
Teleservices Ltd (TTSL), when it exited.
Docomo had moved the Delhi High Court for enforcement of
the award after the Tatas cited refusal of permission by the
RBI to make the payment.
This is published unedited from the PTI feed.