TCS Shares Plunge as Disappointing Earnings Trigger Broad-Based Selloff
Shares of Tata Consultancy Services (TCS) dropped nearly 3.50% due to underwhelming June quarter earnings, leading to a significant market valuation loss. The IT sector faced selling pressure, with major indices Sensex and Nifty also declining. Concerns about tepid quarterly performance and a cautious outlook heightened selloff.
- Country:
- India
On Friday, shares of Tata Consultancy Services (TCS) plummeted by nearly 3.50% following the release of lackluster June quarter earnings figures that failed to meet investor expectations.
At the BSE, TCS shares closed down 3.46% at Rs 3,265.40, with similar declines observed on the NSE. The company's market capitalization decreased by Rs 42,295.44 crore, positioning it as the worst-performing stock among Sensex and Nifty-listed firms.
This downward trend extended to the broader equity market, with the BSE Sensex shedding 689.81 points, or 0.83%, and the NSE Nifty dropping 205.40 points, or 0.81%. The weak performance of TCS has led analysts to express concerns over a tepid Q1 earnings season amid macroeconomic and geopolitical uncertainties.
(With inputs from agencies.)
ALSO READ
Indian Stock Markets Surge: Nifty 50 Reclaims 9-Month High
Axis Max Life Launches Nifty 500 Multifactor 50 Index Pension Fund for long-term retirement wealth creation
Nifty, Sensex opened with gains on Trump's trade deal optimism, Q1 results in July to drive market further
Profit booking, Trump tariffs deadline weigh Indian stocks; Sensex down 288 points
Nifty, Sensex open with marginal gains, SEBI's order on JS Group may impact derivative volumes: Expert
Google News