TCS share price down 3% after 2.2 crore shares change hands: Will it fall or recover? Should you buy or hold? - Hindustan Times
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TCS share price down 3% after 2.2 crore shares change hands: Will it fall or recover? Should you buy or hold?

Mar 19, 2024 10:48 AM IST

TCS share price: Tata Sons has offered to sell 2.34 crore shares of the IT major at ₹4,001 per share through block deals to raise $1.1 billion.

TCS share price: TCS share price fell 3 per cent today as markets opened following reports that Tata Sons has offered to sell 2.34 crore shares of the IT major at 4,001 per share through block deals to raise $1.1 billion. As per reports, the floor price represents a 3.6 per cent discount to the last traded price as on March 18, TCS' shares on BSE closed 1.8 per cent lower at 4,144.25 while their intraday high was 4,254.75.

TCS share price: A man walks past a logo of Tata Consultancy Services (TCS) before a press conference.(Reuters)
TCS share price: A man walks past a logo of Tata Consultancy Services (TCS) before a press conference.(Reuters)

Read more: Stocks to watch on March 19: TCS, Adani Group, Poonawalla Fincorp, IRCTC and more

How TCS shares are performing today?

TCS shares traded nearly 3 per cent lower at 4,030.65 on the National Stock Exchange and in the previous session had closed 1.78 per cent lower at 4,219.25 on the (NSE). With a market capitalisation of 15 lakh crore, TCS is India's second most-valued listed company in which promoters held a 72.41 percent stake as of December 31, 2023. Of this, Tata Sons held 72.38 percent stake and the rest is held by Tata Investment Corporation.

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Why have Tata Group stocks been in focus this month?

Tata Group stocks have been in focus in March after a note from Spark Capital referred to a possible listing of Tata Sons by September 2025. Then, Tata Sons will complete three years of being notified as an upper-layer NBFC by the Reserve Bank of India (RBI) which mandates that upper layer NBFCs have to list within three years of being notified. Tata Sons was notified in September 2022 and controls 29 publicly listed Tata Group companies with a combined market capitalisation of 31.6 lakh crore.

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Tata Sons' IPO possible?

If launched, Tata Sons' IPO could be the biggest ever, even surpassing Life Insurance Corporation of India’s 21,000-crore offer. Spark Capital said that Tata Sons could be valued at 7-8 lakh crore through the IPO and Tata Chemicals would be the only potential play in the IPO.

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