Latest News | TCS Shares Tank 7 Pc After Earnings Announcement

New Delhi, Oct 11 (PTI) Shares of Tata Consultancy Services on Monday tumbled 7 per cent after the company's September quarter earnings missed market expectations.

The stock tanked 6.99 per cent to Rs 3,660 on the BSE.

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On the NSE, the stock tumbled 7 per cent to Rs 3,660.

TCS was the top loser in the Sensex and Nifty pack.

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"TCS Q2 operating performance missed expectations, reporting lower-than-expected revenue and EBITM (earnings before interest, taxes and corporate overhead or management)," according to a report by Emkay Global Financial Services Ltd.

Tata Consultancy Services (TCS) on Friday reported a 14.1 per cent rise in consolidated net profit at Rs 9,624 crore in the September 2021 quarter, aided by broad-based growth across geographies and verticals.

The Mumbai-based company had logged a net profit of Rs 8,433 crore (excluding adjustment towards a legal claim) in the year-ago period.

Its revenue grew 16.7 per cent to Rs 46,867 crore for the September 2021 quarter, from Rs 40,135 crore in the year-ago period.

The earnings were announced after market hours on Friday.

(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)