New Delhi, Mar 18 (PTI) Shares of Tata Consultancy Services (TCS) on Monday declined nearly 2 per cent amid reports that its promoter Tata Sons is likely to sell a minority stake in the IT major.

According to reports, TCS-promoter Tata Sons is planning to sell up to 2.3 crore shares, representing a 0.64 per cent stake in the company through block deals on Tuesday.

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The offer price for the block deal is likely Rs 4,001 per share, which is a 3.45 per cent discount compared to Monday's closing price for TCS, the reports said.

The stock of the company plunged 1.78 per cent to close at Rs 4,144.25 apiece on the NSE.

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On the BSE, it fell 1.72 per cent to settle at Rs 4,144.75 apiece.

During the day, shares of TCS hit its 52-week high of Rs 4,254.75 and Rs 4,254.45 apiece on the NSE and BSE, respectively.

In terms of volume, 15.27 lakh equity shares were traded on the NSE, while 39,000 shares were traded on the BSE, during the day.

At the offer price, the total transaction value of the block deal comes up to over Rs 9,202 crore.

As of December 2023, promoters and promoter group entities hold a 72.41 per cent stake in TCS, of which 72.38 per cent shareholding is owned by Tata Sons.

Tata Group's stocks have been in the spotlight after a report from Spark Capital in March mentioned that Tata Sons might go public by September 2025 to meet RBI's scale-based regulations.

RBI mandates that upper-layer NBFCs are required to list on stock exchanges within three years. Tata Sons has been named among 15 upper-layer Non Banking Financial Companies (NBFCs).

At a market valuation of nearly Rs 15 lakh crore, Tata Consultancy Services is second most valuable firm after oil-to-telecom conglomerate Reliance Industries Ltd.

With a total market valuation of Rs 31.6 lakh crore, Tata Sons is the owner of 29 publicly-listed Tata Group entities.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)