Shares of TCS lost over 4% after posting quarterly results. Commenting on the same, Amar Ambani, Head of research, IIFL, said, “TCS, the industry growth leader, has marginally missed street’s growth estimates in the past two quarters. In spite of the stock having witnessed a time correction over the past six months, its valuation remains elevated at 18x FY17 P/E. As the earnings growth is expected to lag revenue growth over the next couple of years, valuation could come under pressure.”
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