Goldman fraud case not to hit business, says TCS Economic Times
Tata Consultancy Services, the country’s largest software exporter, said fraud charges against one of its clients Goldman Sachs, will not affect business, but if the probe spreads to others, it could.“Our revenue exposure to Goldman is negligible,” chief financial officer S Mahalingam told ET. “There would not be any direct impact. But it needs to be seen whether the issue would have any broader ramifications on some of our other clients.”
TCS earns less than 1% of its revenue from the most profitable investment bank in the world.
The US Securities Exchange Commission has charged Goldman for fraud in not disclosing vital information when it sold mortgage securities to some investors. Goldman denies the charge.
TCS expects to grow stronger than the industry in the current fiscal as orders from developed nations begin to flow. “We have consistently beaten average industry growth rates,” he said. “We will
