Shares of the country's largest software exporter TCS fell by 2 per cent today, wiping out Rs 9,695 crore from its market valuation, after the company's June quarter results disappointed investors.
After falling 2.63 per cent to Rs 2,455 in intra-day trade at the BSE, shares of TCS finally ended at Rs 2,471.90, down 1.96 per cent from its previous close.
At the NSE, shares of the company settled 1.9 per cent lower at Rs 2,474.35.
The company's market value tumbled by Rs 9,695 crore to Rs 4,84,177.97 crore.
On the volume front, three lakh shares of the company changed hands at the BSE and over 41 lakh shares were traded at the NSE during the day.
"TCS announced its Q1 FY16 results which was lower than expectations on sales and net profit front," said Sarabjit Kour Nangra, VP Research - IT, Angel Broking.
TCS yesterday reported mere 2.1 per cent growth in its June quarter net profit at Rs 5,684 crore with revenue growth trailing street expectations on difficulties from the Japanese and Latin American markets.
The firm had posted a net profit of Rs 5,568 crore in the year-ago period. The software major reported a consolidated revenue of Rs 25,668 crore under Indian GAAP accounting, which is up 16.1 per cent on yearly basis and 6 per cent sequentially.
"TCS Q1 FY16 results were a mixed bag. Revenue was below consensus expectation, but volume growth and margin expansion was ahead of expectation," brokerage firm Prabhudas Lilladher said in a report.
Analysts at brokerage Motilal Oswal Securities also said the revenue growth was lower than expectations.
Meanwhile, in the broader market, the BSE benchmark Sensex ended 87.74 points higher at 27,661.40.
