Tata Consultancy Services (TCS) has lost over Rs 28,000 crore in market capitalisation across two days, following its announcement to lay off about 12,000 employees globally over the course of this year.The IT major’s shares continued to slide for a second straight session on Tuesday, slipping 0.73% to close at Rs 3,056.55 on the BSE. The stock had touched an intra-day low of Rs 3,041, before recovering slightly. On the NSE, shares closed 0.72% lower at Rs 3,057, PTI reported.This follows Monday’s 2% decline, bringing the total two-day fall to 2.48%, and shaving off Rs 28,148.72 crore from its market value, now down to Rs 11,05,886.54 crore.India’s largest IT services firm had said on Sunday it would release around 2% of its global workforce — or 12,261 employees — with the bulk of the job cuts targeting middle and senior grades.TCS, which added 5,000 employees in the June quarter, reported a total workforce of 6,13,069 as of June 30, 2025.The company framed the move as part of its ongoing transition to a “future-ready organisation” with a focus on AI, market expansion, and workforce realignment.“Towards this, a number of reskilling and redeployment initiatives have been underway. As part of this journey, we will also be releasing associates from the organisation whose deployment may not be feasible. This will impact about 2 per cent of our global workforce, primarily in the middle and the senior grades, over the course of the year,” the company said in a statement.It added that impacted employees would receive “appropriate benefits, outplacement, counselling and support.”The development comes amid subdued revenue growth in Q1FY26 for major Indian IT players, as macroeconomic pressures and global geopolitical uncertainty continue to delay tech spending and decision-making by clients.