Tata Consultancy Services Shares Drop 3% in Market

Business View
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Tata Consultancy Services Shares Drop 3% in Market

The stock market is a fluctuating market. There are no guarantees of profits when an investor purchases stock because if a company does not perform well or falls out of favour with investors, its stock can fall in price and there is a high chance that investors could lose money. Something similar happened in Tuesday’s session, the stock price of Tata Consultancy Services Ltd (TCS) shares fell which increased the anxiety of TCS stock market investors. The shares of TCS fell at the time of the trading session on 19 March 2024 in the middle of the reported bulk deal by its promoter entity Tata Sons.  

Shares Of Tata Consultancy Services (TCS) Fell By 3 %

Tuesday’s stock market session opened with the falling price of TCS shares. In the opening session, the market witnessed a 3 per cent fall in shares of TCS. It is worth noting that the dropping value in TCS stock came amid a report that mentioned that Tata Sons, the promoters of Tata Companies, was looking to sell a 0.65 per cent stake or 2.34 crore shares in the country’s largest software exporter. The vision behind selling the stake is to raise Rs 9,300 crore or $1.1 billion. The issue’s floor price was set at Rs 4,001 per share, which represents a 3.45% discount from the closing price. JP Morgan has been designated as the issue’s banker.

Speaking about the TCS stock it was the biggest slow in the headline indices, dropping down 2.98 per cent and stood at the price of Rs 4021.25 for the day. The market capitalization of TCS is more than Rs 14.5 lakh crore. As of 9.30 am, 2.48 crore shares of TCS, valued at Rs 9,976 crore, were traded on the BSE. Likewise, 40.8 lakh shares of the software major amounting to Rs 1,646 crore exchanged hands with NSE at the same time. The exchanges’ high trade volumes imply that the sale was completed, but Business Today was unable to independently confirm this. 

Tata Sons possessed 2,61,88,99419 equity shares or 72.38 % in TCS as of 2023. Furthermore, Tata Sons surged close to Rs 12,300 crore by tendering shares of Tata Consultancy Services in its Rs 17,000 crore reclaimed. As we mentioned above TCS shares tumbled 3 % in the trading session on Tuesday and stood on BSE at the price of Rs 4,021.25. On the other hand, there was a rise in the volume of Rs 2.47 crore shares that changed hands over the counter in comparison to the two-week average of 0.96 lakh stocks. Currently, the names of sellers and buyers are not disclosed as of now. 

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It is worth noting that TCS’s share price has surged up to 6 per cent in 2024: 12% in 6 months and 28.5% in the last 1 year. In the last session of Monday’s trading, the share price of TCS on the BSR was reported at Rs 4,254.45, increasing close to 40 per cent against its 52-week low of Rs 3,070.30 touched on 17 April 2023. The announcement was made one week after rumours surfaced that Tata Sons would go public on September 25, 2025, the day the company will have been recognised by the Central Bank of India for three years as an upper-layer non-banking financial corporation (NBFC).

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