TCS stock falls 2% ahead of Q1 results

TCS fell on the bourses on the back of heavy sell-off ahead of its first quarter earnings.

Shares of the country’s largest software services provider TCS fell by over 2 per cent on the bourses today on the back of heavy sell-off ahead of its first quarter earnings to be declared later this evening.

Shares of the company dropped by 2.23 per cent to settle at Rs 1,125.25 as jittery investors abandoned the bellwether counter before the results.

The stock which was the worst performer among the Sensex 30-stocks shed 2.77 per cent to hit a low of Rs 1,119 during the day.

Similar was the trend at the National Stock Exchange,where the scrip ended at Rs 1,119.20,down 2.60 per cent from its previous close.

In terms of volume,over 39 lakh shares of the company changed hands on the bourses during the day.

Analysts said fall in the stock came in the wake of nervousness prevailing in the market as Infosy’s number failed to impress investors with its first quarter earnings.

Selling pressure also intensified at the counter of other IT companies,with Infosys shedding 1.55 per cent,Wipro 0.59 per cent and HCL Tech 0.84 per cent.

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Led by losses in these stocks,the BSE IT index settled the day at 5,835.19,down 1.47 per cent.

Meanwhile,the BSE 30-share benchmark Sensex ended the day at 18,618.20,up 22.18 points.