Valuation concern clouds TCS' Q4 performance; stock falls over 4%

Tata Consultancy Services’ (TCS’) strong March quarter (Q4) performance failed to impress Dalal Street and the stock tanked over 5 per cent to hit an intra-day low of Rs 3,074.55 apiece on the BSE Sensex on Tuesday. It recouped some of the losses to end the day down 4.21 per cent at Rs 3,105, but was the worst-performing Sensex stock.

The IT services major on Monday posted Q4 numbers largely in line with or above analysts’ estimates. Helped by demand for core transformation services, market share gains, and ramp-up of two large deals, TCS reported a 14.9 per cent year-on-year (YoY)