Shares of TCS today slumped to its 52-week low level and finally settled for the day down nearly two per cent ahead of its third quarter earnings announcement.
Shares of the company today opened at Rs. 2,367.95, losing further ground and fell to an intra-day low of Rs 2,301.10, which is also its 52-week low level on the BSE.
The stock finally settled for the day at Rs 2,324.05, down 1.65 per cent on the BSE.
Similar trend was seen on the NSE as well, where the stock opened at Rs 2,362.70, then touched an intra—day low of Rs 2,301.60 and ended the day at Rs 2,327.05, down 1.49 per cent.
TCS is scheduled to announce its third quarter results after market trading hours today.
The Mumbai-based firm had earlier said that floods in Chennai are expected to have a “material impact” on its December quarter revenues. Chennai is one of TCS’ largest delivery locations with over 65,000 employees.
The third quarter of the financial year (April—March) is traditionally weaker for IT firms as business is impacted by low volume growth amid Christmas and New Year holidays and furloughs in the US and Europe.
Moreover, the overall weakness in the broader market also dampened investor sentiments.
The 30-share benchmark Sensex today settled for the day at 24,682.03, down 143.01 points.
