Tata Consultancy Drops Most in a Year as Sales Miss Estimate
- Citigroup downgrades stock to sell on slowing growth concerns
- CFO says next few quarters to be weaker than 1Q and 2Q
This article is for subscribers only.
Shares of Tata Consultancy Services Ltd. tumbled the most in a year after Asia’s largest software exporter reported revenue that fell short of estimates.
The stock fell 4.4 percent to 2,483.70 rupees in Mumbai, the steepest loss since October 2014. The company said Tuesday that revenue in the three months through September jumped 14 percent to 271.7 billion rupees ($4.2 billion), still falling short of the 272.3 billion-rupee estimate in a Bloomberg survey. Net income rose to 60.6 billion rupees, almost matching the estimate of 60.3 billion rupees.