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hares of TCS slumped 6.5 percent today, wiping out Rs 31,527 crore from its market valuation.
Shares of TCS slumped 6.5 percent today, wiping out Rs 31,527 crore from its market valuation.

Shares of TCS slumped 6.5 percent today, wiping out Rs 31,527 crore from its market valuation,
as investors resorted to selling after the IT major warned about the weakness in its banking, financial services and
insurance (BFSI) vertical.

After making a weak opening, shares of the company further plunged 6.53 per cent to Rs 2,287 on BSE.

At NSE, shares of the company dived 6.38 per cent to Rs 2,284.75.

Taking the intra-day low price into account, the company’s market valuation plummeted by Rs 31,527 crore. The stock was the worst performer among the blue chips on both Sensex and Nifty components. “Based on data at the end of August 2016, the company has characterised customer outlook as one marked by abundant caution, with some holding back of discretionary spending – particularly in BFSI vertical in the United States – resulting in a sequential loss of momentum,” Tata Consultancy Services said in a BSE filing yesterday.

Weakness was also seen in other IT counters, with Infosys trading 1.97 per cent lower, Wipro (1.96 per cent) and HCL\ Tech (2.02 per cent).

The BSE IT index too was quoting down 2.75 per cent at 10,137.74 at 1230 hrs.