TCS shares fall nearly 5% after Q1 earnings; mcap declines by ₹55,471 crore
The Hindu
TCS has missed on both revenue and margins in the June quarter results, says expert
Shares of Tata Consultancy Services (TCS) on Monday fell nearly 5%, wiping out ₹55,471.22 crore from its market valuation, after the company's June quarter earnings failed to meet market expectations.
The stock declined 4.64% to settle at ₹3,113.25 apiece on the BSE. During the day, it went lower by 4.87% to ₹3,105.85.
On the NSE, it fell 4.70% to end at ₹3,112 apiece.
Its market capitalisation (mcap) tumbled ₹55,471.22 crore to ₹11,39,154.17 crore on the BSE.
"On a stock specific front TCS fell by more than 4% as Q1 FY23 results missed estimates," said Mohit Nigam, Head - PMS at Hem Securities.
The country's largest software exporter TCS on Friday reported a 5.2% rise in the June quarter net profit to ₹9,478 crore, restricted by the impact of annual wage hikes and promotions that took operating profit margins to multi-quarter lows.
The Tata Group company, which is the first in the country's over $220 billion software exports industry to report earnings, however, said that it does not see any adverse business impact because of worries around recession in its key markets.
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