TCS shares drop nearly 4% post Q2 earnings

Shares of TCS Friday fell nearly 4 per cent even as the company reported a 22.6 per cent jump in consolidated net profit in the July-September quarter this year.

The stock despite a positive opening, surrendered all its early gains and declined 3.78 per cent to Rs 1,904.80 as the trade progressed on BSE.

At NSE, the stock dropped 3.88 per cent to Rs 1,903.

The scrip was the worst hit among the blue chips on both the key indices during the morning trade.

The country's largest software exporter Thursday reported a 22.6 per cent jump in consolidated net profit at Rs 7,901 crore in the July-September quarter, buoyed by strong demand for digital services.

Tata Consultancy Services (TCS) had posted a net profit of Rs 6,446 crore in the same period last fiscal, the company said in a statement.

The Tata group company saw a revenue growth of 20.7 per cent at Rs 36,854 crore in the September quarter, up from Rs 30,541 crore a year ago.