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TCS share price falls due to Chennai Floods
By: Tupaki Desk | 14 Dec 2015 3:56 PM GMT
Chennai floods shown impact on IT Majors. India's largest firm Tata Consultancy Services(TCS) shares fell as much as 2.3 per cent on Monday. TCS responding on the drops on share pricespost business hours said due to floods in Chennai the company may face material impact which in turn will affect the current quarter revenues.
At morning shares of TCS were down 1.16 per cent at Rs 2,359.60. The scrip opened at Rs 2344.90 and had touched a high and low of Rs 2,364.70 and Rs 2,335 respectively.
Chennai is one of TCS' largest delivery locations and it is housing over 65,000 employees or nearly 20 per cent of total headcount. Meanwhile TCS shares closed 0.4 per cent lower at Rs 2,377 on the Bombay Stock Exchange(BSE) as compared to 0.8 per cent rise in the broader IT sub-index on the BSE.
Its already reported that Tata Consultancy Services has set aside Rs 1,100 crore for providing interest free salary advances to its employees in flood-struck Chennai.
At morning shares of TCS were down 1.16 per cent at Rs 2,359.60. The scrip opened at Rs 2344.90 and had touched a high and low of Rs 2,364.70 and Rs 2,335 respectively.
Chennai is one of TCS' largest delivery locations and it is housing over 65,000 employees or nearly 20 per cent of total headcount. Meanwhile TCS shares closed 0.4 per cent lower at Rs 2,377 on the Bombay Stock Exchange(BSE) as compared to 0.8 per cent rise in the broader IT sub-index on the BSE.
Its already reported that Tata Consultancy Services has set aside Rs 1,100 crore for providing interest free salary advances to its employees in flood-struck Chennai.
