TCS drops on buzz Tata Sons to offload minority stake via block deal

Tata Consultancy Services (TCS) declined 3.80% to Rs 3,987.20 following media reports suggested that the company's parent firm, Tata Sons likely to sell 0.6% stake or 2.2 crore shares at average price of Rs 4,043 per share.

On the BSE, 2.55 crore shares of the company were traded in the counter so far as against an average trading volume of 96,000 shares in the past two weeks.

On the NSE, 83.04 lakh shares of the company were traded in the counter so far as against an average trading volume of 21.17 shares in the past three months.

The 52-week high for this stock is 4,254.45, which was reached on 18 March 2024. The 52-week low for this stock is 3,070.30, which was hit on 17 March 2023.

As on 31 December 2023, Promoters held 72.41% stake while Tata Sons held a 72.38% stake in the company.

TCS is an IT services, consulting and business solutions organization. It offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions.

The IT giant's consolidated net profit declined 2.5% to Rs 11,058 crore in Q3 FY24 as against Rs 11,342 crore reported in Q2 FY24. Revenue from operations rose 1.49% to Rs 60,583 crore during the quarter from Rs 59,692 crore posted in Q2 FY24.

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