Shares of Tata Consultancy fell as much as 5.9 percent in Tuesday trading. The stock had hit a high of Rs 2,929 and a low of Rs 2,885.20 so far during the day.
According to Bloomberg, Tata Sons was offering 28.27 million shares of Asia's largest software developer after the market closed on Monday, planning to sell the shares between Rs 2,872 to Rs 2,925 a share.
In October a year ago, Bharti Airtel entered into an agreement with the Tata group to acquire its consumer mobile business on a "debt-free and cash-free" basis.More news: Rose Sells 17000 Shares of Costco Wholesale Co. (COST) Stock
Since a year ago, the conglomerate has been planning to increase its ownership in its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd. The selling price range is a 4-6% discount to TCS' Monday closing price of Rs 3,052 on the BSE.
Citigroup and Morgan Stanley are managing the TCS share sale.
Tata Sons owned 73.5 percent of TCS as of end-December. Tata Sons had also raised $1.5 billion through the external commercial borrowing route, part of which was used to repay the loans.