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TCS shares tank over 6% after second quarter earnings

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Shares of TCS fell to a low of Rs 3,660 in the day.

New Delhi: Shares of Tata Consultancy Services (TCS) fell over 6% in early trade on Monday following the company’s second quarter (Q2) results for the current financial year 2021-22 (FY22). The stock fell to an intraday low of Rs 3,660.

As of 10:41 am, TCS shares were trading at Rs 3,717.95, down 5.52% or Rs 217.35. The stock was down 5.58% or Rs 219.75 at Rs 3,715.90 on the NSE platform.

The market capitalization (m-cap) of TCS fell to Rs 13,72,126 crore from Rs 14,55,687 crore on Friday.

The country’s largest information technology exporter is the first among peers to report earnings for the second quarter.

The Mumbai-based company’s consolidated net profit rose to Rs 9,624 crore ($ 1.28 billion) in the three months to September 30, from Rs 7,475 crore a year ago.

Consolidated revenue from operations increased to Rs 46,867 crore.

The company re-appointed Rajesh Gopinathan as its Chief Executive Officer and Managing Director for a period of five years.

TCS also announced an interim dividend of Rs 7 per share with a record date of October 19, 2021.

The IT services major had an attrition rate of 11.9% for the second quarter.

The company added 19,690 people (net) at the end of September 2021, taking its workforce to 5,28,748.

Meanwhile, both the BSE and NSE indices were trading in the green.

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