TCS shares tank over 3 pc after Tata Sons divests 0.65 pc stake

Shares of Tata Consultancy Services (TCS) plunged more than 3 per cent in the morning trade on Tuesday as its promoter Tata Sons sold around 2.3 crore shares, or 0.65 per cent of equity stake, in the IT services major through block deals.

TCS shares tumbled 3.30 per cent to a low of Rs 4,015.65 apiece on the NSE. On the BSE, the stock plunged 3.15 per cent to Rs 4,014 per piece, emerging a major drag on the benchmark Sensex.

According to exchange data, more than 2.53 crore shares traded on the BSE in morning deals against the two-week average of around 1 lakh.

Market experts said the decline in TCS share price is mainly due to the Tata Sons stake sale.

Following the fall in TCS share value, the market valuation of India’s leading software company eroded Rs 45,497.45 crore to Rs 14,54,109.37 crore on the BSE.

The block deal initiated by Tata Sons was aimed to offload up to 2.34 crore shares of TCS at a floor price of Rs 4,001 per share. This floor price represented a 3.65 per cent discount from the previous day’s closing price.

The deal is estimated to be valued around Rs 9,000 crore.

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