TCS Shares Tank Over 6% After Second Quarter Earnings

TCS stock plunged to an intraday low of Rs 3,660.
TCS stock plunged to an intraday low of Rs 3,660.

New Delhi: Shares of Tata Consultancy Services (TCS) plunged more than 6% in early trade on Monday after the company reported its second quarter (Q2) results for the current financial year 2021-22 (FY22). The stock dropped to an intraday low of Rs 3,660.

As of the 10:41 am, TCS shares were trading 5.52% or Rs 217.35 lower at Rs 3,717.95. On the NSE platform, the stock was 5.58% or Rs 219.75 down at Rs 3,715.90.

TCS market capitalization (m-cap) fell to Rs 13,72,126 crore from Rs 14,55,687 crore as on Friday.

The country's largest information technology exporter is the first among peers to report earnings for the second quarter.

The Mumbai-based company on Friday posted a consolidated net profit of Rs 9,624 crore ($1.28 billion) in the three months to September 30, from Rs 7,475 crore a year earlier.

Consolidated revenue from operations jumped to Rs 46,867 crore.

The company also reappointed Rajesh Gopinathan as its chief executive officer and managing director for five years.

TCS also announced an interim dividend of Rs 7 per share with a record date set as October 19, 2021.

The IT services major's attrition rate stood at 11.9% for the second quarter.

The company has added 19,690 people (net), taking its headcount to 5,28,748 people at the end of September 2021.

Meanwhile, both the BSE and NSE indexes were trading in green.