TCS Stock Hammered After Q4 Results; Drags Other IT Stocks Lower

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Shares in TCS fell sharply by 4 per cent following a dismal set of Q4 results. The stock dragged the indices lower and also other IT stocks.

TCS Stock Hammered After Q4 Results; Drags Other IT Stocks Lower
Tata Consultancy Services: Quotes, News
BSE 2850.85BSE Quote103.65 (3.64%)
NSE 2850.85NSE Quote104.75 (3.67%)
TCS was last trading at Rs 2479 on the National Stock Exchange.

The company reported a dismal set of Q4 numbers with net profits coming in at Rs 5773 crores. The net profits would dip after adjusting for a bonus that the company declared later.

In dollar terms the revenue came in at $3900 million, which was way below analysts expectations.

The poor performance also had an impact on other IT stocks. Mindtree Fell 4 per cent, while Rolta was also down 4 per cent and Tech Mahindra dropped more than 3 per cent along with Infosys which fell one per cent.

Analysts say there could be fresh re-rating of the stock which could only drop lower in the coming quarters.

Foreign brokerage firm UBS has said that it is underweight on the IT sector.

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