Shares of India's Tata Consultancy Services Ltd fell as much as 7% on Monday on fears that large deals that drove most of its growth in the past year were drying up.
A private security guard stands at the exit gate of the headquarters of Tata Consultancy Services in Mumbai, India, Oct. 13, 2016. REUTERS/Shailesh Andrade/File Photofell as much as 7% on Monday on fears that large deals that drove most of its growth in the past year were drying up.
TCS, India's largest information technology exporter, is the first among peers to report earnings for the financial second quarter, and its performance is seen as a gauge for the country's $194 billion IT services sector. TCS on Friday reported total contract value, or orders, of $7.6 billion during the second quarter, down from $8.6 bln a year earlier and $8.1 billion in the June quarter.
With the absence of mega deals, moderation in deal wins is cautionary for elevated growth expectations being built in over the medium term, Ambit Capital analysts said in a research note.
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