On March 19, shares of Tata Consultancy Services (TCS) dropped by 3.26%, following reports that Tata Sons, the holding company of the Tata Group, had likely sold around 2.02 crore shares in TCS. The block deal is estimated to be worth approximately Rs 9,000 crore, based on an average share price of Rs 4,043 per share. Tata Sons had initiated the process of a block deal on March 18, intending to sell around 2.34 crore shares of TCS at a floor price of Rs 4,001 per share, which was set at a 3.65% discount to the closing price of March 18. However, the final confirmation regarding the buyer and seller details is yet to be released.
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