TCS shares fall over 5%; m-cap dips by Rs 30,513 crore

New Delhi: Shares of Tata Consultancy Services (TCS) declined over 5% on Tuesday following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling a stake in the IT major.

The stock dropped 5.22% to end at Rs 2,892.45 on the BSE. During the day, it dove 5.49% to Rs 2,884.10.

On the NSE, shares of the company slipped 5.41% to close at Rs 2,886.80.

Led by the drop in the stock, the company’s market valuation tumbled Rs 30,512.89 crore to Rs 5,53,698.11 crore.

In terms of equity volume, 21.98 lakh shares of the company were traded on the BSE and over 4 crore shares changed hands on the NSE during the day.

The stock was the worst hit among the blue-chips on both Sensex and Nifty during the day.

Tata Sons on Tuesday sold shares valued at nearly Rs 9,000 crore in TCS through open market transactions. The amount of shares offloaded by the major promoter of TCS translates to around 1.63% stake. According to bulk deal data available with the NSE, Tata Sons has sold little over 3.12 crore shares in TCS through two transactions.

Nearly 2.06 crore shares were offloaded at a price of Rs 2,876.46 apiece. Another 1.06 crore scrips were sold at Rs 2,872.19 apiece, as per the data. At these prices, the total value of shares offloaded by Tata Sons is about Rs 8,989.84 crore.