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US Jury Finds in Favour of TCS in Discrimination Lawsuit

Posted On: 2018-11-29 23:36:40

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, today issued a statement in response to the event described below:

Event:

A class action suit was brought in against TCS in 2015 in the US District Court, Northern District of California, Oakland Division, by a US law firm on behalf of three former employees, alleging a pattern and practice of discrimination against people of non-South Asian origin in termination in the United States. On November 29, 2018, a nine-member jury unanimously passed a verdict in favour of TCS.

TCS Statement:

"The jury verdict vindicates our position that the claims made in this case were baseless and the lawsuit was wholly without merit. The success ofTCS rests on the talent, expertise and deep contextual knowledge of our employees, who help our customers in their growth and transformation journeys.

Decisions we make about the hiring and deployment of employees are based purely on their capabilities and fit in serving our customers' business needs.

Irrespective of their background or national origin, we will continue to invest in our people, provide ongoing digital training and empower them to succeed at TCS and, more importantly, enable our customers' success.

TCS is a global company. The United States is the world's business and technology leader, and very important to TCS. Skilled American workers are critical to the success of the US businesses, and we will continue to invest heavily in the country's workforce, academic alliances and our extensive STEM education initiatives aimed at the youth."

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.1959.45 as compared to the previous close of Rs. 1976.55. The total number of shares traded during the day was 193279 in over 7566 trades.

The stock hit an intraday high of Rs. 2000 and intraday low of 1943.65. The net turnover during the day was Rs. 379664737.


Source: Equity Bulls

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