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regular-article-logo Tuesday, 21 May 2024

Tata Consultancy Services stock plunges over 4 per cent as Tata Sons offload stake

Tata Sons was looking to divest 2.34 crore shares or 0.65 per cent of TCS in the open market at a floor price of Rs 4,001 per share. The holding company of the Tata group currently has 72.38 per cent in TCS

Our Special Correspondent Mumbai Published 20.03.24, 10:03 AM
Representational image

Representational image File picture

The shares of Tata Consultancy Services (TCS) fell more than 4 per cent on Tuesday and were the biggest loser in the Sensex pack after close to 2.2 crore shares changed hands. They were learnt to have been sold by Tata Sons.

The country’s largest IT services firm ended at Rs 3,977.55 on the BSE, marking a drop of 4.03 per cent or Rs 167.20 over the last close. In intra-day trades, it fell to a low of Rs 3,965.90, a fall of 4.31 per cent.

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Data available from the BSE showed a substantial rise in the trading volume with nearly 2.56 crore shares being transacted.

This was much above the two-week average quantity of 29.25 lakh.

However, bulk deal data released by the exchanges later in the evening did not contain any details about the sale.

Tata Sons was looking to divest 2.34 crore shares or 0.65 per cent of TCS in the open market at a floor price of Rs 4,001 per share. The holding company of the Tata group currently has 72.38 per cent in TCS.

The block deal by Tata Sons is being seen as an attempt to bring down its debt and avoid an initial public offering (IPO).

As per the Reserve Bank of India (RBI) norms, Tata Sons, which is a core investment company (CIC) and features among the list of upper-layer non-banking finance companies (NBFC-UL), must go public by September 2025.


Tata Steel

Tata Steel on Tuesday said a board committee has approved raising of up to Rs 2,700 crore through debentures.

The date of allotment of non-convertible debentures (NCDs) is March 27 and its
maturity date is March 26, 2027.

Shares of the company declined 0.64 per cent to Rs 148.65 apiece on the BSE.

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