TCS shares move down 3%, post Q1 earnings

Shares of TCS fell by nearly 3% on Friday after the company reported a 5.9 percent decline in consolidated net profit for the April-June quarter.

After a weak opening, the stock of the top IT exporter further lost 2.78 per cent to Rs 2,376.10 on the BSE. On the National Stock Exchange, (NSE), it dropped 2.91 percent to Rs 2,375.

India's largest software services firm Tata Consultancy Services (TCS) yesterday reported a 5.9 per cent decline in its consolidated net profit at Rs 5,945 crore for the April-June quarter, hit by currency volatility.

It had posted a net profit of Rs 6,317 crore in the year-ago period, the Mumbai based firm said in a Bombay Stock Exchange (BSE) filing.

The company, however, posted a marginal increase of 1 percent in its consolidated revenue at Rs 29,584 crore during the quarter as against Rs 29,305 crore a year earlier.

Compared to the January-March 2017 quarter, its net profit during the period under review fell 10 percent while revenue slipped 0.2 percent.