TCS update on EPIC matter

Tata Consultancy Services Limited (TCS) has announced that EPIC Systems Corporation matter, the US Court of Appeals, 7th Circuit, Chicago, returned a verdict on the appeal filed by TCS, reducing the damages award.

The Court held that the punitive damages award of $280 million is constitutionally excessive and directed the Trial Court to reassess the punitive damages. The Court upheld the compensatory damages award of $140 million. TCS is exploring the options available to it, as it believes that there is no evidence of misuse of EPIC information by TCS. TCS will vigorously defend its position before the relevant court.

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2252 as compared to the previous close of Rs. 2256.25. The total number of shares traded during the day was 137977 in over 6094 trades.

The stock hit an intraday high of Rs. 2276 and intraday low of 2240. The net turnover during the day was Rs. 310730494.

Source : Equity Bulls

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