TCS shares end nearly 2% down; market cap drops by Rs 8,661 cr

New Delhi: Shares of TCS ended nearly 2 percent lower today, wiping out Rs 8,661 crore in market valuation, after the company reported a 5.9 percent decline in consolidated net profit for the April-June quarter. The stock declined by 1.85 percent to end at Rs 2,398.80 on BSE. During the day, it lost 2.78 percent to Rs 2,376.10. The stock was the biggest loser among the Sensex scrips. At NSE, shares of the company went down by 2 percent to close at Rs 2,397.45. The company’s market valuation fell by Rs 8,661.69 crore to Rs 4,59,199.31 crore. [caption id=“attachment_3813755” align=“alignleft” width=“380”]  Reuters[/caption] In terms of volume, 2.10 lakh shares of the company were traded on BSE and over 22 lakh shares changed hands at NSE during the day. “TCS results were below expectations on the EBIT and net profit front,” said Sarabjit Kour Nangra, VP Research- IT, Angel Broking. India’s largest software services firm Tata Consultancy Services (TCS) yesterday reported a 5.9 percent decline in its consolidated net profit at Rs 5,945 crore for the April-June quarter, hit by currency volatility. It had posted a net profit of Rs 6,317 crore in the year-ago period, the Mumbai-based firm said in a BSE filing. The company, however, posted a marginal increase of 1 percent in its consolidated revenue at Rs 29,584 crore during the quarter as against Rs 29,305 crore a year earlier. Compared to the January-March 2017 quarter, its net profit during the period under review fell 10 percent while revenue slipped 0.2 percent. Selling pressure was also seen in other IT stocks, with Wipro falling 1.78 percent, Infosys (0.44 percent), HCL Tech (0.87 perccent), Tech Mahindra (0.41 percent). The BSE IT index ended 0.95 percent lower at 10,051.60.