Markets unhappy with TCS's generosity

After Bhushan Steels, it is TCS,  which is currently the second biggest loser on the BSE. The stock opened higher at Rs.2498 for its yesterday’s closing of Rs.2486 but soon slumped to an intra day low at Rs.2441.60 and remains presently around same levels.

The stock has slipped after the company pledged to spend Rs.100 crore to set up toilets for girl students across 10,000 schools in the country. This is to support Prime Minister Narendra Modi’s Clean India campaign that was announced on Independence Day.

Naturally, the market which is a pure capitalist detests such corporate governance largesse’s doled out by any listed company and would thus be viewing this spend of Rs.100 crore as wasteful expenditure.