TCS Share Price: Tata stock slides 3% after Chandrasekaran

TCS Share Price: Shares of Tata Consultancy Services (TCS) dropped 3.6 per cent to a low of Rs 2,116 during Friday's intraday trade on the BSE. This comes a day after the Tata Sons board approved a fresh five-year term for N. Chandrasekaran as executive chairman and initiated the process for listing the group holding company. Also, the other IT stocks like Tech Mahindra, Wipro, Infosys, etc., witnessed a drop in their prices and made them losers in the Nifty 50. The Nifty IT index fell 1.33 per cent in which TCS held the lowest spot.

The nomination and remuneration committee asked Chandrasekaran to think over the re-appointment, citing his "contributions" to the Tata Group and its "larger interest", in a statement said Tata Sons. How was it decided to re-appoint Chandrasekaran, while rejecting Noel Tata's vote? Noel Tata is not in the favour of Chadrasekaran to be appointed at as Chairman again. The camp was depending on Article 121A of Tata Sons' Articles of Association, which governs trustee reappointments. It requires a majority of nominee directors to support a chairman's reappointmen