TCS shares fall over 5% after block deals
Mumbai: Indian software services exporter Tata Consultancy Services Ltd (TCS) on Tuesday witnessed a series of block deals, in which around 25.40 million shares or 1.5% stake of the company changed hands, Bloomberg reported.
Details of buyers and sellers were not available.
At 10.06am, TCS shares were trading 4.78% lower at Rs2,906 on BSE, while the Sensex was up 0.18% at 33,980.49. In intraday trade, the stocks fell as much as 5.46%, its steepest decline since November 2016, and touched a low of Rs2,885.20 a share following the block deal.
Earlier on Monday, Bloomberg reported that Tata Sons will sell 28.27 million shares or 1.48% stake in TCS at between Rs2,872 and Rs2,925 a share. As of December 2017, Tata Sons holds nearly 73.5% stake in the company.
At current TCS share price, Tata Sons may get around Rs8,195 crore.
Tata Sons will use the proceeds to pay creditors of its wireless division, the Bloomberg report added. Citigroup and Morgan Stanley are managing the TCS share sale.
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