<p>New Delhi: Shares of Tata Consultancy Services (TCS) plunged more than 3 per cent in the morning trade on Tuesday as its promoter Tata Sons sold around 2.3 crore shares, or 0.65 per cent of equity stake, in the IT services major through block deals.</p>.<p> TCS shares tumbled 3.30 per cent to a low of Rs 4,015.65 apiece on the NSE. On the BSE, the stock plunged 3.15 per cent to Rs 4,014 per piece, emerging a major drag on the benchmark Sensex.</p>.<p> According to exchange data, more than 2.53 crore shares traded on the BSE in morning deals against the two-week average of around 1 lakh.</p>.<p> Market experts said the decline in TCS share price is mainly due to the Tata Sons stake sale.</p>.<p> Following the fall in TCS share value, the market valuation of India's leading software company eroded Rs 45,497.45 crore to Rs 14,54,109.37 crore on the BSE.</p>.<p> The block deal initiated by Tata Sons was aimed to offload up to 2.34 crore shares of TCS at a floor price of Rs 4,001 per share. This floor price represented a 3.65 per cent discount from the previous day's closing price.</p>.<p> The deal is estimated to be valued around Rs 9,000 crore.</p>.<p> The buyer and seller's official confirmation, however, will be made public later in the evening when the stock exchanges release the data.</p>.Infosys founder Narayana Murthy gifts shares worth Rs 240 cr to 4-month-old grandson.<p> As of December 2023, promoters and promoter group entities hold a 72.41 per cent stake in TCS, of which 72.38 per cent shareholding is owned by Tata Sons.</p>.<p> The 30-share BSE Sensex benchmark nosedived 622.03 points, or 0.86 per cent, to 72,126.39, while the broader Nifty slumped 209.40, or 0.95 per cent, to 21,846.30. The stock was the biggest laggard on the BSE index.</p>.<p> On Monday, TCS's shares settled nearly 2 per cent lower amid reports that its promoter Tata Sons is likely to sell a minority stake in the IT major.</p>.<p> Tata Group's stocks have been in the spotlight after a report from Spark Capital in March mentioned that Tata Sons might go public by September 2025 to meet the Reserve Bank of India's (RBI) scale-based regulations.</p>.<p> The RBI mandates that upper-layer Non Banking Financial Companies (NBFCs) are required to list on the stock exchanges within three years.</p>.<p> Tata Sons has been named among 15 upper-layer NBFCs, with a total market valuation of Rs 31.6 lakh crore, Tata Sons is the owner of 29 publicly-listed Tata Group entities. </p>
<p>New Delhi: Shares of Tata Consultancy Services (TCS) plunged more than 3 per cent in the morning trade on Tuesday as its promoter Tata Sons sold around 2.3 crore shares, or 0.65 per cent of equity stake, in the IT services major through block deals.</p>.<p> TCS shares tumbled 3.30 per cent to a low of Rs 4,015.65 apiece on the NSE. On the BSE, the stock plunged 3.15 per cent to Rs 4,014 per piece, emerging a major drag on the benchmark Sensex.</p>.<p> According to exchange data, more than 2.53 crore shares traded on the BSE in morning deals against the two-week average of around 1 lakh.</p>.<p> Market experts said the decline in TCS share price is mainly due to the Tata Sons stake sale.</p>.<p> Following the fall in TCS share value, the market valuation of India's leading software company eroded Rs 45,497.45 crore to Rs 14,54,109.37 crore on the BSE.</p>.<p> The block deal initiated by Tata Sons was aimed to offload up to 2.34 crore shares of TCS at a floor price of Rs 4,001 per share. This floor price represented a 3.65 per cent discount from the previous day's closing price.</p>.<p> The deal is estimated to be valued around Rs 9,000 crore.</p>.<p> The buyer and seller's official confirmation, however, will be made public later in the evening when the stock exchanges release the data.</p>.Infosys founder Narayana Murthy gifts shares worth Rs 240 cr to 4-month-old grandson.<p> As of December 2023, promoters and promoter group entities hold a 72.41 per cent stake in TCS, of which 72.38 per cent shareholding is owned by Tata Sons.</p>.<p> The 30-share BSE Sensex benchmark nosedived 622.03 points, or 0.86 per cent, to 72,126.39, while the broader Nifty slumped 209.40, or 0.95 per cent, to 21,846.30. The stock was the biggest laggard on the BSE index.</p>.<p> On Monday, TCS's shares settled nearly 2 per cent lower amid reports that its promoter Tata Sons is likely to sell a minority stake in the IT major.</p>.<p> Tata Group's stocks have been in the spotlight after a report from Spark Capital in March mentioned that Tata Sons might go public by September 2025 to meet the Reserve Bank of India's (RBI) scale-based regulations.</p>.<p> The RBI mandates that upper-layer Non Banking Financial Companies (NBFCs) are required to list on the stock exchanges within three years.</p>.<p> Tata Sons has been named among 15 upper-layer NBFCs, with a total market valuation of Rs 31.6 lakh crore, Tata Sons is the owner of 29 publicly-listed Tata Group entities. </p>