TCS shares fall as Tata Sons offloads Rs 9,362-crore stake

Tata Sons selling TCS shares,TCS share price today: Tata Consultancy Services (TCS) shares fell on Tuesday, March 19, after news agency Reuters reported, citing a term sheet seen by it, that Tata Sons, the holding company of India's largest software services exporter, was offering to sell TCS shares worth up to Rs 9,362 crore. 

On Tuesday, Tata Sons offloaded 2.34 crore shares, or a 0.65 per cent stake, in Tata Consultancy Services through a block deal, Zee Business reported.

TCS was the top Nifty50 loser in the opening deals, sliding as much as 3.1 per cent to Rs 4,022 apiece on NSE. 

TCS share price target: What to do with TCS shares post-block deal?

After the block deal, Avinash Gorakshakar of Profitmart Securities suggested buying the stock near the Rs 4,000 level from a medium- to long-term view.

He believes the blue-chip stock will reward investors in the medium to long term. 

Earlier, Zee Business analyst Varun Dubey recommended selling TCS futures for a target of Rs 3,950 with a stop loss at Rs 4,200. 

TCS Q3 results: How did TCS fare in Q3? 

India's largest IT firm, TCS reported a 2.5 per cent sequential fall in consolidated profit after tax (PAT) to Rs 11,058 crore for the quarter ended December 31, falling short of analysts' estimates. Read more on TCS Q3 earnings 

(This story will be updated shortly)

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