TCS stock falls after IT giant fires 16 employees in recruitment scam

TCS Share Price: TCS shares traded in negative territory on BSE on Monday (October 16) after the IT giant announced that it had fired 16 of its employees due to their involvement in a recruitment scam. The TCS stock ended the trading session on Monday down 0.75 per cent, or Rs 46.15, at Rs 3,524.15.

The stock closed at Rs 3,570.30 on Friday before opening at Rs 3564.95 on Monday.

The stock went as high as Rs 3,574.95 before slipping to its current level.

TCS' action after recruitment scam

"Our investigation found 19 employees to be involved and action has been taken against all as detailed here - 16 employees have been separated from the Company for code of conduct violations, and 3 employees have been removed from the Resource Management function," said TCS in a BSE filing on Sunday (October 15)."

Additionally, six vendors, their owners and associates were debarred from doing any business with TCS," the message further read.

TCS share performance

TCS shares have not been performing well for some time as they have slid 2.41 per cent in the last five trading sessions and 2.24 per cent in the last one month.

However, they have performed well in the six-month period with a jump of 12.25 per cent.

Their year-to-date rise is 8.08 per cent while they have soared 13.26 per cent in the last one year.

The benchmark Nifty 50, meanwhile, has jumped 0.72 per cent in the last five trading sessions, while it has slid 1.99 per cent in the one month.

The benchmark index's performance in the last six months has been in positive territory with a rise of 11.44 per cent.

Its year-to-date rise has been 8.43 per cent, while it has soared 13.98 per cent in the one year.