Shares of Tata Consultancy Services slump as India floods stall work

Mumbai

SHARES of Tata Consultancy Services Ltd headed for a 19-month low after sales fell short of estimates in a quarter marked by seasonal holidays and floods that stalled work at a key development centre in India.

The stock fell 1.8 per cent to 2,286.10 rupees as at 9.49am in Mumbai, extending losses for a third day, compared with a 0.8 per cent gain in India's benchmark S&P BSE Sensex. The shares have dropped 6.2 per cent in January, heading for the worst month since March 2014, according to data compiled by Bloomberg.