After Tata Turmoil, Market Valuation Of TCS Erodes By Over Rs 34,000 Crore In A Week

The market valuation of the Tata Consultancy Services (TCS) in a week eroded by Rs 34,263.28 crore to Rs 8,53,506.85 crore. The development comes after the TCS Chairman, N Chandrasekaran has decided not to seek re-appointment tendering his resignation, a move coming days ahead of the company’s annual general meeting (AGM) on August 18.
N Chandrasekaran joined TCS in 1987 and rose through the ranks. He was later appointed as its chief executive officer and managing director in 2009, and was later appointed chairman of TCS in 2017.
According to the data by the depositories, the combined market valuation of five of the top-10 most valued firms eroded by Rs 1 trillion last week. TCS took the biggest hit, amid a bearish trend in domestic equities.
In the week gone by, Reliance Industries remained the most valued domestic firm. It was followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.
TCS took the Tata step down burn
he Tata Group has lost nearly Rs 44,000 crore in market capitalisation over the past two trading sessions, but the sell-off has been heavily concentrated in one stock — Tata Consultancy Services (TCS).The combined market capitalisation of 26 listed Tata companies fell by Rs 43,812 crore to Rs 27.04 trillion by Thursday morning, from Rs 27.48 trillion on August 11. TCS alone accounted for 81 per cent, or Rs 35,421 crore, of the decline.