TCS shares fall over 5%, lose Rs 30,513 crore in market cap
In intraday trade, TCS shares fell as much as 5.49%, its steepest decline since November 2016, to Rs2,885.20 apiece on BSE following a series of block deals.business Updated: Mar 13, 2018 16:59 IST
Shares of Tata Consultancy Services (TCS) declined over 5% on Tuesday, following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major.
The stock dropped 5.22% to end at Rs 2,892.45 on the BSE. During the day, it dropped by 5.49% to Rs 2,884.10.
On the NSE, shares of the company slipped 5.41% to close at Rs 2,886.80.
Led by the drop in the stock, the company’s market valuation tumbled Rs 30,512.89 crore to Rs 5,53,698.11 crore.
In terms of equity volume, 21.98 lakh shares of the company were traded on BSE and over 4 crore shares changed hands on NSE during the day.
The stock was the worst hit among the bluechips on both BSE Sensex and NSE Nifty during the day.
Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 8,200 crore by selling stake in IT major TCS, according to investment banking sources.
Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48% stake in TCS and the transaction is likely to be happen this week, the sources added.
When contacted, Tata Sons declined to comment.
After the proposed share sale, Tata Sons’ holding in Tata Consultancy Services (TCS) will come down to around 72% from 73.52% as on December, 2017.