Tata Steel shares drop by over 3% over Wadia ouster

Shares of Tata Steel dropped over 3% on Thursday following the ouster of independent director Nusli Wadia from the company's board. On BSE, the stock closed at Rs 392.40, down 3.09% from its previous close. It had opened at Rs 404.50 and dipped 3.57% to an intra-day low of Rs 390.45.

Following the decline in the counter, the market capitalisation of the company fell by Rs 1,214.02 crore to Rs 38,110.49 crore. The scrip lost 2.84% on the NSE to end at Rs 393. After opening at Rs 404.50, it fell 3.52% to touch an intra-day low of Rs 390.25. A total of 6.70 lakh shares of the company were traded on BSE, while 40.84 lakh shares changed hands on NSE.

"Independent director Nusli Wadia has been removed from the company's board, with 90.8% of shareholders present at yesterday's EGM voting in favour of his ouster," Tata Steel said in a filing to BSE on Thursday. The company said that out of its total shares of 97.12 crore, 62.54 crore votes were polled, which translate into 64.4%. "Total vote in favour of the resolution was 56.79 crore, i.e. 90.80%, and total vote against the motion was 5.75 crore, i.e. 9.20%," it added. The benchmark Sensex ended the day at 25,979.60, down 1% from its previous close.