Put option sellers covered their short positions in the TCS stock, indicating the possibility of further pressure on the shares of the company.
Later, the stock pared some losses to trade at ₹2,967.4 apiece.
The stock fell tracking broader weakness. Benchmark domestic indices fell sharply in early deals on Monday, driven by weak cues from global markets and foreign fund outflows.
The Sensex was down for the fourth straight session, falling 816.72 points to 57,282.20 points opening trade. The Nifty fell 254.4 points to 17,072.95 points.
At today’s low of ₹2,926.10, theTCS stock is down almost 28% from its record high of ₹4,043 per share seen on 17 January 2022. Against this Nifty IT index has fallen 32% from its high.
When a stock falls 20% from its high, it is said to be in a bear market .
