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TCS sheds 4% as Chandrasekaran departs for big Tata job

The shares of Tata Consultuncy Services (TCS) ignored a historical milestone it hit and shed nearly 4% in market value on the BSE and National Stock Exchange (NSE) as its long-time boss N. Chandrasekaran departed to fill the seat at the helm of Tata Sons.

In a late evening board meet, Chandrasekaran, who was recently inducted to the board of Tata Sons was “officially” informed that he would take the reins to the $103-billion conglomerate.

Reacting to the news, while majority of Tata stocks were trading in the green (nine out of 14 Tata listed companies were in the green on Friday), the shares of TCS were down 3.64%.

TCS shares were trading at Rs 2,258.10 apiece, down Rs 85.20 or 3.64% from Thursday’s close. On the NSE, the company’s shares were at Rs 2,265.00 apiece, down Rs 79.35 or 3.38% from previous close.

On Thursday, TCS touched a $1-billion mark in profit for the first time in its history, up 2.9% on quarter. Its topline grew 1.5% to Rs 29,735 crore on quarter with stable operating margin at 29%.

TCS chief financial officer Rajesh Gopinathan was elevated to CEO of the company.