Biggest Asian Software Exporter Drops as Floods Dent Revenue
- Tata Consultancy 3Q sales misses estimate; profit climbs 12%
- Shares fall most in two months to lowest since June 2014
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Shares of Tata Consultancy Services Ltd. slumped to a 19-month low after sales fell short of estimates in a quarter marked by seasonal holidays and floods that stalled work at a key development center in India.
The stock fell 2.1 percent, the most in two months, to 2,279.20 rupees in Mumbai, compared with a 0.7 percent gain in India’s benchmark S&P BSE Sensex. The shares have tumbled 6.5 percent in January and are headed for their worst month since April 2013, according to data compiled by Bloomberg.