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Shares of Tata Consultancy Services declined over 5 per cent today following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major. The stock dropped 5.22 per cent to end at Rs 2,892.45 on the BSE. During the day, it slipped 5.49 per cent to Rs 2,884.10.
On the NSE, shares of the company slipped 5.41 per cent to close at Rs 2,886.80.
Led by the drop in the stock, the company's market valuation tumbled Rs 30,512.89 crore to Rs 5,53,698.11 crore.
In terms of equity volume, 21.98 lakh shares of the company were traded on BSE and over 4 crore shares changed hands on NSE during the day.
The stock was the worst hit among the bluechips on both Sensex and Nifty during the day.
Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 8,200 crore by selling stake in IT major TCS, according to investment banking sources.
Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to be happen this week, the sources added.
When contacted, Tata Sons declined to comment.
After the proposed share sale, Tata Sons' holding in Tata Consultancy Services (TCS) will come down to around 72 per cent from 73.52 per cent as on December, 2017.
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