Shares of Tata Consultancy Services fell by nearly 6 % following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major.
The stock declined 5.46 % to ₹2,885.20 on BSE.
On NSE, shares of the company dived 5.90 % to ₹ 2,872.
The stock was the worst hit among the bluechips on both Sensex and Nifty during the morning trade.
Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around ₹8,200 crore by selling stake in IT major TCS, according to investment banking sources.
It is looking to sell around 2.83 crore shares amounting to about 1.48 % stake in TCS
After the proposed share sale, Tata Sons’ holding in Tata Consultancy Services (TCS) will come down to around 72 % from 73.52 % as on December, 2017.