TCS shares plunge on lower-than-expected Q3 profit. Should you buy/hold?
- TCS' Q3 FY23 revenues beat estimates but profits missed due to forex losses, said Jefferies
Shares of Tata Consultancy Services (TCS) declined over 2% to ₹3,245 apiece on the BSE in Tuesday's opening deals after the IT giant reported a lower-than-expected profit for the third quarter ended December 2022 (Q3 FY23), however, the revenue figures were ahead of estimates. The management flagged the challenges in Europe as clients tightened spending due to rough economic conditions, while its workforce shrank for the first time since the pandemic.
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