TCS Shares Plunge 2% After Disappointing Q2 Earnings

New Delhi, Oct 11 (PTI) Shares of Tata Consultancy Services (TCS) declined over 2 per cent on Friday after the country's largest IT firm September quarter earnings failed to cheer investors.

The stock of the company fell 2.35 per cent to trade at Rs 4,128.80 apiece on the BSE.

On the National Stock Exchange (NSE), shares of TCS slipped 2.30 per cent to Rs 4,130.05 apiece.

The company's market capitalisation (mcap) was wiped out by Rs 36,036.16 crore to Rs 14,93,835.97 crore.

It emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.

The 30-share BSE Sensex declined 256.75 points, or 0.31 per cent, to 81,354.66 while the NSE Nifty slipped 37.40 points, or 0.15 per cent, to 24,961.05.

On Thursday, the country's largest IT services firm TCS reported a 4.99 per cent increase in September quarter net profit at Rs 11,909 crore, held back by a narrowing of profit margin.

The Tata Group company had reported a net profit of Rs 11,342 crore in the year-ago period, while in the preceding June quarter, it had a post-tax net profit of Rs 12,040 crore.

Tata Consultancy Services' revenues rose 7.06 per cent to Rs 64,988 crore from Rs 60,698 crore in the year-ago period, and were marginally higher compared to Rs 63,575 crore in the June quarter.

Meanwhile, the company's board has declared a second interim dividend of Rs 10 per equity share of Re 1 each.