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TCS shares fall over 5%; market capitalisation dips by Rs 305 billion

Press Trust of India/New Delhi 13 Mar 18 | 11:23 PM

Photo: Reuters

Shares of Tata Consultancy Services (TCS) declined over 5 per cent on Tuesday following reports that Tata Sons is planning to raise around Rs 82 billion by selling stake in the information technology (IT) major.

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The stock dropped 5.22 per cent to end at Rs 2,892.45 on the BSE. During the day, it dove 5.49 per cent to Rs 2,884.10.

On the National Stock Exchange (NSE), shares of the company slipped 5.41 per cent to close at Rs 2,886.80.

Led by the drop in the stock, the company's market valuation tumbled Rs 305.13 billion to Rs 5,537 billion.

In terms of equity volume, 2.20 million shares of the company were traded on the BSE and over 40 million shares changed hands on the NSE during the day.

The stock was the worst hit among the bluechips on both Sensex and Nifty during the day.

Source: BS Research Bureau

Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 82 billion by selling stake in IT major TCS, according to investment banking sources.

Tata Sons is looking to sell around 28.3 million shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to be happen this week, the sources added.

When contacted, Tata Sons declined to comment.

After the proposed share sale, Tata Sons' holding in Tata Consultancy Services (TCS) will come down to around 72 per cent from 73.52 per cent as on December, 2017.

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