TCS shares slip as they turn ex-bonus
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NEW DELHI: On Thursday, shares of Tata Consultancy Services (TCS) turned ex-bonus. With this, the company's stock price will halve today.
A share is called as “ex-bonus” when a buyer does not get the right to receive the current bonus.
The country's largest IT service exporter had announced a 1:1 bonus for its shareholders on its 50th anniversary. The company was founded in 1968.
This is the third bonus share offering by the company since its listing in 2004. TCS had allotted 1:1 bonus shares in 2006 and 2009. The company has set June 2 as the record date for the bonus shares.
In Thursday's morning trade, the IT behemoth's scrip was down more than half a per cent at Rs 1,748 per share.
During January-March quarter (Q4), the company reported a net profit of Rs 6,925 crore, up 4.57 per cent against Rs 6,622 crore posted in the same quarter last year.
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