TCS shares dip after US court order

Stocks

oi-Sneha

By Sneha B K

Published: Tuesday, April 3, 2012, 16:28 [IST]

Shares of the Tata Consultancy Services (TCS) saw selling pressure after a California federal court allowed a class-action lawsuit against the company.

TCS has been accused of breaching employee contract offending California labour laws.

The complaints filed by two former employee states that company has not paid an amount as promised before these employees travelled to the United States. The employees further claimed that TCS had made some deductions from their salary.

The company shares on Tuesday closed lower by Rs 12.40 or 1.04% at Rs 1,178.95 on BSE. It had touched intraday low Rs 1,175.

TCS Q3 reported consolidated net profit of Rs 2,803 crore, jump by 18.26% year on year (y-o-y), 21.8% quarter on quater (q-o-q).

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