TCS Shares Tumble Post Q2 Results
Shares of Tata Consultancy Services (TCS) dropped by over 2% following its September quarter earnings report, which failed to satisfy investors. Market capitalization fell by over Rs 36,000 crore as both revenue growth and profits were underwhelming. The board declared a Rs 10 interim dividend.
- Country:
- India
Tata Consultancy Services (TCS) shares lost over 2% on Friday as the company's latest earnings report for the September quarter did not meet investor expectations.
The stock declined by 2.35% to Rs 4,128.80 on the Bombay Stock Exchange (BSE) and 2.30% to Rs 4,130.05 on the National Stock Exchange (NSE).
Despite a 4.99% rise in net profit to Rs 11,909 crore, a weaker profit margin and lower-than-expected revenue growth led to a market capitalization drop of Rs 36,036.16 crore.
TCS, a Tata Group subsidiary, saw its market value decrease to Rs 14,93,835.97 crore, ranking it as the biggest downfall among the BSE Sensex and NSE Nifty stocks.
The BSE Sensex fell by 256.75 points and the NSE Nifty by 37.40 points, following this development.
Undeterred by the market reaction, TCS' board announced a second interim dividend of Rs 10 per equity share.
(With inputs from agencies.)
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