Tata Consultancy Services shares fell as much as 2.3 per cent on Monday after the outsourcer said revenues in the December quarter could be lower on account of the recent Chennai floods. Chennai is one of TCS' largest delivery locations comprising over 65,000 employees or nearly 20 per cent of total headcount.
"Other than mission critical activities, the normal business functioning of our facilities in the city had to be halted all week since December 1 due to extreme weather conditions and subsequent flooding... While majority of facilities in Chennai opened for normal business functioning on December 7, attendance rates were lower than normal... This is expected to have a material impact on the company's revenues," said India's biggest outsourcer.
"Other than mission critical activities, the normal business functioning of our facilities in the city had to be halted all week since December 1 due to extreme weather conditions and subsequent flooding... While majority of facilities in Chennai opened for normal business functioning on December 7, attendance rates were lower than normal... This is expected to have a material impact on the company's revenues," said India's biggest outsourcer.
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