TCS shares down 3%; mcap dips by Rs 13,891 cr post Q4 result

Shares of IT major TCS today fell by nearly 3 per cent, wiping out Rs 13,891 crore from its market valuation, after the company's March quarter numbers failed to enthuse investors.
The bluechip went down by 2.79 per cent to end at Rs 2,451.90 on BSE. During the day, it slipped 3.18 per cent to Rs 2,442.
The stock was the biggest loser among 30 Sensex stocks.
On NSE, the scrip declined 2.75 per cent to close at Rs 2,450.35.
The company's market valuation dipped by Rs 13,891 crore to Rs 4,83,129.23 crore.
On volume front, 2.42 lakh shares of the company changed hands at BSE and over 32 lakh shares were traded at NSE during the day.

"TCS Q4 2015-16 revenue were largely in line with estimates while margins were below expectations," said Govind Agarwal, Research Analyst-Institutional Equities Prabhudas Lilladher.

The country's largest IT exporter, TCS, on Monday reported a higher-than-expected 72.7 per cent growth in net profit at Rs 6,413 crore in the March quarter and guided towards a stronger 2016-17, saying a majority of its worries are behind now.
The Tata group company had posted a post-tax profit of Rs 3,713 crore in the year-ago period, pulled down by a Rs 2,628 -crore employee bonus.
"We believe that all these (difficult) markets are better than the curve we had in the earlier quarter. I think 2016-17 should be a good year... We can tell you that it would be a strong year," Managing Director and Chief Executive N Chandrasekaran had said.

During the reported quarter, TCS posted a 17.5 per cent rise in revenue to Rs 28,449 crore under the I-Gaap accounting, while on a sequential basis, it was up at 4 per cent.