TCS shares drop nearly 4% to Rs 1,904 despite posting 22.6% rise in net profit in Jul-Sep quarter

New Delhi: Shares of TCS on Friday fell nearly 4 percent even as the company reported a 22.6 percent jump in consolidated net profit in the July-September quarter this year. The stock despite a positive opening, surrendered all its early gains and declined 3.78 percent to Rs 1,904.80 as the trade progressed on BSE. [caption id=“attachment_4313871” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] At NSE, the stock dropped 3.88 percent to Rs 1,903. The scrip was the worst hit among the blue chips on both the key indices during the morning trade. The country’s largest software exporter on Thursday reported a 22.6 percent jump in consolidated net profit at Rs 7,901 crore in the July-September quarter, buoyed by strong demand for digital services. Tata Consultancy Services (TCS) had posted a net profit of Rs 6,446 crore in the same period last fiscal, the company said in a statement. The Tata group company saw a revenue growth of 20.7 percent at Rs 36,854 crore in the September quarter, up from Rs 30,541 crore a year ago.