TCS tumbles on high volumes

TCS fell 4.97% to Rs 2,900.50 at 11:30 IST on NSE on heavy volumes after reports suggested that Tata Sons planned to sell about 1.5% of its stake in the IT company.

Meanwhile, the CNX Nifty was up 26.25 points, or 0.25% to 10,447.65.

The counter witnessed heavy volumes on the NSE. Around 3.99 crore shares were traded in the counter on the NSE so far compared with average daily volumes of 12.37 lakh shares in the past one quarter.

On the BSE, 17.36 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 2885.20 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.

Media reported that Tata Sons will sell about 1.5% stake in TCS through the stock exchanges between 13 and 15 March 2018. 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.

Powered by Capital Market - Live News