Shares in TCS dropped 3.3% to Rs 1,157 after a Nomura research report warned India's largest software services exporter was facing a "muted" Q4 following the brokerage's visit with the company's management.
"TCS is likely to see a muted 4Q according to management, with volume growth likely lower than the 3.2% that it registered in 3Q and only slightly better than flattish," said Nomura in its report dated March 13.
Nomura kept TCS at "neutral" with a target price of Rs 1,200.