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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.
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.
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.
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.