Mumbai: Shares of Tata Consultancy Services (TCS) ended nearly 4 percent lower Monday on growth concerns after the company said it expects revenue in December 2014 quarter to be "in-line with seasonal trends".
After falling 4 percent to Rs 2,356.45 in intra-day trade, shares of the country's largest software services firm finally ended at Rs 2,362.80, down 3.78 percent on the BSE.
The bellwether stock was the biggest loser among the 30-Sensex constituents.
At the NSE, it was down 3.50 percent at Rs 2,365.
The stock had fallen up to 1.5 percent on Friday also. TCS saw a wealth erosion of Rs 25,413.75 crore to Rs 4,62,808.25 crore in its market valuation in two straight trading sessions.
The third quarter of the fiscal is traditionally weaker for IT firms as business is impacted by low volume growth amid Christmas and New Year holidays in the US and Europe.
The US and Europe are key markets for the over USD 100 billion Indian outsourcing sector.
"Q3 revenue expected to be in-line with seasonal trends. Retail, Manufacturing and Hi-Tech likely to see impact of holidays and furloughs," TCS had said in an investor presentation on Friday.
The company also said it is undertaking performance-based workforce restructuring but that was not a "retrenchment" exercise and the company may exceed its target of hiring 55,000 new professionals this fiscal.
Meanwhile, selling was also seen in other IT stocks, with Tech Mahindra ending 3.68 percent lower, HCL Tech (1.70 percent) and Infosys (0.77 percent).
