Economy

TCS tumbles on high volumes

TCS tumbles on high volumes

In the bargain, the share price of the fastest growing IT services brand in the world - according to leading brand valuation firm, Brand Finance - cracked over 5% in the morning trade.

Shares of Tata Consultancy Services fell over 5% in early trade on Tuesday after reports said that holding company Tata Sons Limited planned to sell about 1.5% of its stake in the company to pay debts. The stock had hit a high of Rs 2,929 and a low of Rs 2885.20 so far during the day.

According to Bloomberg, Tata Sons was offering 28.27 million shares of Asia's largest software developer after the market closed on Monday, planning to sell the shares between Rs 2,872 to Rs 2,925 a share.

Citigroup and Morgan Stanley managed the offering. That's a discount of 4-6% on TCS' Monday closing price of Rs 3,052 on the BSE.

Tata Sons is expected to use these funds for other group activities, including debt reduction goal. The latter had to shell out $1.2 billion to NTT DoCoMo past year in order to settle the long-standing dispute with the Japanese telecom giant after it exited their joint venture in 2013.

More news: Latest India, Pakistan spat: India alleges mistreatment of envoys

Previous year in October, Tata Group had agreed to sell its loss-making mobile telephony business to Bharti Airtel on "a debt-free cash-free basis".

The holding company is also seeking a $1.5 billion offshore syndicated loan, as it seeks to pay down expensive debt at its telecommunications unit, people familiar with the matter said last week.

Tata Sons is reportedly planning to use the proceeds to pay debts of units Tata Teleservices and Tata Teleservices Maharashtra.

Shares of India's largest exporter, Tata Consultancy Services (TCS) fell almost 6 per cent in morning deals today.


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