TCS tumbles on buzz Tata Sons to trim stake

TCS fell 4.84% to Rs 2,904 at 9:46 IST on BSE after media reported that Tata Sons will sell about 1.5% stake in TCS through the stock exchanges between 13 and 15 March 2018.

Meanwhile, the S&P BSE Sensex was up 25.18 points, or 0.07% to 33,943.12.

On the BSE, 15.51 lakh shares were traded in the counter so far compared with average daily volumes of 72,000 shares in the past two weeks. The stock had hit a high of Rs 2,929 and a low of Rs 2,885.20 so far during the day. The stock hit a record high of Rs 3,254.80 on 24 January 2018. The stock hit a 52-week low of Rs 2,255 on 19 April 2017.

According to media reports, Tata Sons, which held 73.52% stake in TCS (as on 31 December 2017), will sell around 2.82 crore shares of the IT major at between Rs 2,872 to Rs 2,925 a share.

The money raised from the stake sale will be used by Tata Sons to strengthen its balance sheet, reports added.

TCS' consolidated net profit rose 1.31% to Rs 6545 crore on 1.18% growth in net sales to Rs 30904 crore in Q3 December 2017 over Q2 September 2017.

TCS is an IT services, consulting and business solutions provider.

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