For the quarter ended December 31, 2017, Tata Sons, the holding firm of the $100-billion salt-to-software group, held 73.52 per cent stake in TCS.
On NSE, shares of the company dived 5.90 % to ₹ 2,872.
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Shares of Tata Consultancy Services fell by almost 6 % following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major. The money raised from the stake sale will be used by Tata Sons to strengthen its balance sheet.
In October previous year, Bharti Airtel entered into an agreement with the Tata group to acquire its consumer mobile business on a "debt-free and cash-free" basis. Tata Sons may buy the stakes from other Tata Group affiliates, which would help to reduce cross-shareholdings, according to the person.
Since past year, the conglomerate has been planning to increase its ownership in its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd.
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Incidentally, the partial stake sale by Tata Sons in TCS comes at a time when market sentiment vis-a-vis IT services companies have improved as the U.S. economy picks up even as the sector is expected to witness continued traction on the digital front. Last year, it boosted its stake in Tata Motors Ltd., the owner of Jaguar Land Rover.
At 10.40 am, shares of TCS were down 4.8% at Rs 2,905.80 on the National Stock Exchange. This is lower than Monday's close of Rs 3,052.15 on the National Stock Exchange.
Tata Sons is reportedly planning to use the proceeds to pay debts of units Tata Teleservices and Tata Teleservices Maharashtra.
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