On June 15, Tata Consultancy Services (TCS) shares fell 1% as the stock traded ex-dividend. The company secured June 15 as the record date for getting dividend benefits. In the earlier month, TCS stated it would pay a final dividend of Rs 24 per equity share. This means that for each share of TCS stock a shareholder owns, they will obtain a dividend of Rs 24.

Generally, the stock price tends to fall by the dividend amount on its ex-dividend date. At 9:27 am, TCS shares traded 0.8% or Rs 26.25 lower at Rs 3,225.50 on the BSE.

On Wednesday, JP Morgan expects most IT services companies to miss existing expectations and place Infosys, TCS and Mphasis on negative catalyst watch.

JP Morgan has repeated its negative view across the IT Services and assumes every technology services firm to dissatisfy street prospects in 1Q and present the second half of FY24 growth expectations.

In the meantime, Motilal Oswal Financial Services noted that despite robust resilience, TCS should anticipate moderate full-year revenue growth in FY24 if similar instances of late decision-making and cash conservation from clients reoccur.

Yet JP Morgan still deliberates that, considering TCS’s size, order book, and acquaintance to long duration orders and portfolio, TCS is well suited to endure the weakening macro environment and ride on the expected industry growth.