 "TCS hits 52-week low")
Shares of Tata Consultancy Services (TCS) hit a 52-week low of Rs 2,097, down nearly 3% on the National Stock Exchange (NSE) in intra-day trade on Friday.
The stock of India's largest information technology (IT) services provider TCS has unperformed the market since the boardroom battle between Tata Sons and Cyrus Mistry begun.
Since October 24, TCS has lost 13.6% from Rs 2,428 levels, as compared to 3.7% decline in the Nifty50 index.
Tata Sons, which holds 73.33% stake in TCS, has appointed Ishaat Hussain, as the interim chairman of the company with immediate effect, TCS said in a regulatory filing on Thursday, November 10, 2016.
In a BSE filing the TCS said: "The Company has received a letter dated November 09, 2016 from Tata Sons Limited nominating Mr. Ishaat Hussain as the Chairman of the Board of Directors of the Company in place of Mr. Cyrus P. Mistry with immediate effect. In view of this, Mr. Mistry has ceased to be the Chairman of the Board of Directors of the Company and Mr. Hussain is the new Chairman of the Company."
“The Company has been further informed that Mr. Hussain shall hold office as Chairman of the Company until a new Chairman is appointed in his place,” it added.
At 10:24 am, the stock was down 1.8% at Rs 2,116 against 1.6% decline in the Nifty50 index. A combined 407,745 shares changed hands on the counter on NSE and BSE.
The stock of India's largest information technology (IT) services provider TCS has unperformed the market since the boardroom battle between Tata Sons and Cyrus Mistry begun.
Since October 24, TCS has lost 13.6% from Rs 2,428 levels, as compared to 3.7% decline in the Nifty50 index.
Tata Sons, which holds 73.33% stake in TCS, has appointed Ishaat Hussain, as the interim chairman of the company with immediate effect, TCS said in a regulatory filing on Thursday, November 10, 2016.
In a BSE filing the TCS said: "The Company has received a letter dated November 09, 2016 from Tata Sons Limited nominating Mr. Ishaat Hussain as the Chairman of the Board of Directors of the Company in place of Mr. Cyrus P. Mistry with immediate effect. In view of this, Mr. Mistry has ceased to be the Chairman of the Board of Directors of the Company and Mr. Hussain is the new Chairman of the Company."
“The Company has been further informed that Mr. Hussain shall hold office as Chairman of the Company until a new Chairman is appointed in his place,” it added.
At 10:24 am, the stock was down 1.8% at Rs 2,116 against 1.6% decline in the Nifty50 index. A combined 407,745 shares changed hands on the counter on NSE and BSE.
