TCS plunges 7% on lower-than-expected September quarter result

The management said attrition challenge may continue for the next two to three quarters

Shares of Tata Consultancy Services (TCS) plunged 7 per cent to Rs 3,674.55 on the BSE in Monday's intra-day trade after the company's September quarter net profit missed Street expectations. 

The IT company posted a slightly lower-than-expected, 14.1 per cent year-on-year growth in net profit and 16.8 per cent YoY rise in revenue, in the second quarter (Q2) of financial year 2021-22 (FY22). The stock of India's largest information technology (IT) services player had hit a record high of Rs 3,990 on October 8, 2021.

In Q2, TCS' net profit rose to Rs 9,624 crore, a 6.8 per