New Delhi: Tata group stocks on Friday bounced back after three days of continuous decline, closing the day with up to six per cent gains on buying at lower levels. The group stocks suffered a total market value erosion of over Rs 26,000 crore in the past three days amid concerns over sudden ouster of Cyrus Mistry as chairman of Tata Sons, the main holding firm for the group companies.

Shares of Tata Motors rose by 2.68 per cent and Tata Steel went up by 1.85 per cent on BSE. Tata Metaliks soared 5.86 per cent, Tata Elxsi surged 4.20 per cent, Tata Teleservices (3.93 pc), Tata Coffee (2.02 pc), Tata Communications (1.35 pc), Tata Investment Corporation (1.32 pc), Tata Global Beverages (1.20 pc) and Tata Chemicals (0.87 pc). Tata Power Company and TCS however ended in the red down 1.38 per cent and 0.58 per cent respectively.

"The auspicious festival season coupled with value-buying in Tata group stocks, persuaded the market to make a small comeback after a slew of corrections," said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services Ltd.

These stocks had also lost ground on worries about the purported disclosure made by Mistry about huge write-down risks at some firms. Tata Steel and Indian Hotels on Thursday said they have always made all relevant disclosures and have no further comments to offer following the comments made by Mistry that Tata group firms could face a potential $18 billion write-down. The Sensex ended at at 27,941.51, up 25.61 points.

Source: PTI