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Even as the IT majors such as Infosys, Satyam Computer and Wipro finished on a firm note, TCS was on the other side.

The stock fell 2.10 per cent – the biggest loser in BSE IT index – on higher volumes of 3.81 lakh shares against two-week average of 2.61 lakh shares. On the NSE, it fell 2.28 per cent with 14.46 lakh shares changing hands, of which, 68.67 per cent shares were up for delivery.

According to brokers, select players were booking profits on the stock ahead of its Q1 results.

The company is scheduled to announce its quarterly number on July 16 (Monday). Market participants said expectations that the company might also revise its earnings guidance downward as done by Infosys have led to institutions, particularly domestic MFs, selling part of their holding in the counter.

The company has also recently announced in a BSE filing that Tata Sons has diluted 2 per cent stake in the company.

K.S. Badri Narayanan

More Stories on : Stock Markets | Stocks | Software | Ear to the ground | Tata Consultancy Services Ltd

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