Reuters

India’s TCS slumps 7% on fears large deals drying up

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. 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.

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