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TCS shares fall 2.5% after operating margin misses estimates
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New Delhi, Jan. 11 -- Shares of Tata Consultancy Services Ltd lost over 2.5% to hit over six-week low on Friday after the company reported sharp contraction in operating margin. The stock in intraday fell as much as 2.55% and touched a low of Rs 1840.10 a share - a level last seen on 27 November 2018. The stock has hit an all time high of Rs 2,273 on 1 October 2018 and since then it has declined over 19%. At 10.06 am, the scrip was trading at Rs 1,852 on BSE, down 2% from its previous close.
Third-quarter EBIT margin was at 25.6% of revenue, about 100 basis points lower than consensus estimates on the Street, due to 60 bps headwinds from increased sub-contracting cross-currency movements. A basis point is 0.01%.
"Sharp margin contractio...
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