Mumbai: Shares in Tata Consultancy Services, India's biggest software services exporter, fell 2 per cent after it reported flat sequential US dollar revenue growth for the December quarter compared with some analysts estimates of 0.5 per cent.
The company's quarterly net profit grew 5.1 per cent year-on-year, and TCS said it expected strong outsourcing deals momentum to boost growth in the quarters ahead.
Premium valuations also seen weighing on the stock, with TCS trading at 20.6 times of its one-year forward earnings compared with 17.3 times for rivals, Thomson Reuters data shows.
As of 10.14 a.m. shares in TCS traded 1.75 per cent lower at Rs 2,494.65 apiece, underperforming the broader Nifty, which was down 0.04 per cent.
Copyright: Thomson Reuters 2015