Shares of Tata Consultancy Services (TCS) fell nearly 4 percent on Friday after the company's September-quarter results failed to meet Street estimates, with most brokerages cutting their price targets for the stock.

Share Market Live

NSE

TCS shares fell as much as 3.7 percent to Rs 1,929 per share on the BSE. At 9:34 AM, TCS' stock price was trading 3 percent lower at Rs 1,942, while the benchmark Sensex was up 0.7 percent or 284 points at 38,165.

The IT major reported a 1.8 percent year-on-year jump in Q2 net profit at Rs 8,042 crore. Revenue grew 5.8 percent to Rs 38,977 crore in the July-September quarter.

"Our entire focus is now to get back to our double-digit growth," said Rajesh Gopinathan, MD & CEO of TCS in an interview to CNBC-TV18 as the company's year-on-year growth slowed down to 8.4 percent after four quarters of double-digit growth.

Brokerages also remained cautious on the stock post the earnings. Global brokerage Citi maintained a 'sell' call on the stock with a target at Rs 1,870 per share. Meanwhile, Credit Suisse reduced its target price for the stock to Rs 1,930 per share from Rs 2,070 earlier, while maintaining its 'neutral' call.

Credit Suisse said the company failed to recoup margin sequentially in Q2 after a wage hike in Q1. It added that the company is a high-quality franchise but not immune to an uncertain environment.

Jefferies also reduced its target price for the stock. It said that weak Q2 confirmed single-Digit growth likely in FY20, but added that the company would outperform tier-I peers on growth and margin in the medium term.

Morgan Stanley also noted that double-digit growth for FY20 is clearly unachievable.

Also, track all live market action on CNBC-TV18 Market Blog

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions