Shares of Tata Consultancy Services fell by nearly 6 per cent on Tuesday following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major.
The stock declined 5.46 per cent to Rs 2,885.20 on BSE. On NSE, shares of the company dived 5.90 per cent to Rs 2,872. The stock was the worst hit among the bluechips on both Sensex and Nifty during the morning trade.
Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 8,200 crore by selling stake in IT major TCS, according to investment banking sources.
Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to be happen this week, the sources added.
When contacted, Tata Sons declined to comment.
After the proposed share sale, Tata Sons’ holding in Tata Consultancy Services (TCS) will come down to around 72 per cent from 73.52 per cent as on December, 2017.