TCS declines on Q3 revenue concers due to Chennai flood
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Shares of TCS have slipped by over 1% to Rs 2,360 on the Bombay Stock Exchange (BSE) after the company announced that the recent flood in Chennai led to major disruptions in its ability to function.
The normal business functioning of company's facilities had to be halted in the city all week since December 1 due to flooding. This is expected to have a material impact on the company's revenues in the seasonally weak Q3 December 2015, it added.
Chennai is one of the company's largest delivery function with over 65,000 employees. The majority of facilities in Chennai opened for normal business functioning on 7 December 2015, but attendance rates were lower than normal as employyes were still recovering from the flood's aftermath.
The stock opened at Rs 2,345 and touched an intra-day low of Rs 2,317 in the morning trades on the BSE. At 9:45 am, over 200,000 shares changed hands on the counter of NSE and BSE.
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