TCS share price tanks to hit 52-week low despite interim dividend payment announcement, IT stks drag

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March 11, 2020 12:46 PM

TCS share price tumbled 2.5 per cent to hit a fresh 52-week low of Rs 1,923 apiece on BSE despite announcing an interim dividend payment of Rs 12 per equity share for the financial year 2019-20.

TCS share price, IT stocks, Wipro, tcs dividendThe IT giant TCS has replaced oil to telecom major RIL to become the most valued company in terms of market capitalisation

TCS share price tumbled 2.5 per cent to hit a fresh 52-week low of Rs 1,923 apiece on BSE in Wednesday’s trade despite announcing an interim dividend payment of Rs 12 per equity share for the financial year 2019-20. “We would like to inform you that at the Board Meeting held today, the directors have declared an interim dividend of Rs 12 per equity share of Re 1 each of the company,” the company said in a press release adding that the interim dividend shall be paid on March 24, 2020 to the equity shareholders of the company. It has fixed March 20, 2020 as the record date for the purpose.

The IT giant TCS has replaced oil to telecom major RIL to become the most valued company in terms of market capitalisation. The market cap of TCS stood at Rs 7,38,844.55 crore, which is higher than that of RIL’s Rs 7,31,773.35 crore. In the opening deals on Wednesday, RIL pipped TCS to reclaim its most valued company tag but soon after lost the crown to TCS. However, another IT stock Wipro too hit a 52-week low of Rs 204.90 apiece on BSE in today’s trade, plunging 4.36 per cent today.

In the noon deals, TCS swung back to trade in green, with a gain of 0.5 percent at Rs 1,982 apiece, while Wipro shares were trading 1.28 per cent lower at Rs 211.50 apiece on BSE.

Apart from this, Nifty IT index, the top loser among the key sectoral indices, too hit its 52-week low of 14,356, down 3.35 per cent on the National Stock Exchange, surpassing its previous low of 14,566.55 points. Among major laggards on Nifty IT index include Hexaware (down 4.17 per cent), Infosys (down 2.37 per cent), MindTree (down 1.80 per cent) and Wipro (1.14 per cent).

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