Tata Consultancy Services slumps 3.1 percent, marks its lowest intraday level since July 17. The company on Friday said seasonal trends to impact Q3 revenue.
Jefferies cuts target to 2,770 rupees from 2,970 rupees, maintains buy. The investment bank lowers FY16/FY17 EPS estimates by 2.1 percent on cross currency impact.
Cross currency is likely to have a 220 bps negative impact on the Q3 USD reported growth, the bank says in a note.
Jefferies also lowers its target multiple to 20x from 21x to incorporate management’s weak commentary. Barclays cuts EPS estimates for FY15/FY16 by 2 to 3 pct.
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