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Tata Sons Sells TCS Stake Worth $1.25 Billion, TCS Shares Tank 6%

TCS, the top Indian software services exporter, is the second-most valuable company in the country with a market capitalisation of close to $90 billion.

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Tata Sons Sells TCS Stake Worth $1.25 Billion, TCS Shares Tank 6%

Indian stock markets also opened on a lower note today.

Shares of India's largest exporter, Tata Consultancy Services (TCS) fell nearly 6 per cent in morning deals today. Tata Sons, the holding company of TCS sold about 1.5 per cent shares of TCS for about $1.25 billion in a block deal. Tata Sons, which owned 73.5 percent of TCS as of end-December, sold TCS shares in a price range of 2,872 rupees to 2,925 rupees each, according to a deal term sheet.

Indian stock markets also opened on a lower note today. The benchmark BSE Sensex turned choppy on tepid cues from overseas market, despite positive macroeconomic data and appreciating rupee. The rupee inched higher by 9 paise to 64.95 against the US dollar on better-than-expected inflation numbers and mild selling of the greenback by exporters amid sustained foreign capital inflows. In a series of macro data reported yesterday, the Industrial production grew at a high rate of 7.5% in January 2018 as against 3.5% in the same period a year earlier while the retail inflation fell to a 4-month low of 4.44% in February.

TCS, the top Indian software services exporter, is the second-most valuable company in the country with a market capitalisation of close to $90 billion., according to a report of Reuters.
 

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