TCS clarifies on Royal Bank of Canada partnership; stock slips over 1%
"We would like to bring to your attention that the article is completely false and inaccurate. The claims made in the story are entirely devoid of facts and appear to be based on unverified and speculative sources," TCS stated.
- May 29, 2026,
- Updated May 29, 2026 3:42 PM IST
Tata Consultancy Services Ltd (TCS) on Friday issued a clarification over a news report titled, "TCS loses part of RBC Canada technology mandate, 150 members to be 'rebadged'". The IT major denied the claim, calling it "completely false and inaccurate."
"We would like to bring to your attention that the article is completely false and inaccurate. The claims made in the story are entirely devoid of facts and appear to be based on unverified and speculative sources," TCS stated.
"We had explicitly informed the publication that there is absolutely no truth to the claims being attributed to these sources. Despite this clear clarification, the story has been published, relying solely on unnamed sources," the IT giant also said.
"We have a very longstanding partnership with Royal Bank of Canada and have nurtured this business for years. We cherish our partnership with Royal Bank of Canada," TCS further stated.
Separately, the IT services major recently announced a strategic partnership with artificial intelligence (AI) firm Mistral.
"As part of this collaboration, TCS has become the first global systems integrator partner for Mistral Forge, Mistral's advanced system for enterprises to build frontiergrade AI models grounded in their proprietary enterprise knowledge and domain-specific data," it stated.
"The partnership combines Mistral’s frontier AI capabilities with TCS' deep context of enterprise customers, domain knowledge and engineering excellence, to help organisations scale enterprise AI responsibly with greater speed," TCS added.
"As part of this strategic collaboration, TCS will leverage Mistral Forge to build custom AI models for enterprises. It will help customers deploy their data and enterprise context to improve decision outcomes. This collaboration draws on TCS' strong global presence across North America, the United Kingdom, Europe, and Asia-Pacific to deliver AI solutions tailored to industry needs, operations and regulatory requirements. The partnership will initially focus on sectors like banking, financial services and insurance (BFSI), manufacturing, healthcare, and the public sector, where trusted AI adoption is becoming increasingly critical," it further stated.
Meanwhile, shares of TCS slipped during the fag-end trading session on Friday and were last seen trading 1.05 per cent lower at Rs 2,256.95. At this level, the stock has declined 28.02 per cent over the last six months amid a broader selloff in IT counters.
Tata Consultancy Services Ltd (TCS) on Friday issued a clarification over a news report titled, "TCS loses part of RBC Canada technology mandate, 150 members to be 'rebadged'". The IT major denied the claim, calling it "completely false and inaccurate."
"We would like to bring to your attention that the article is completely false and inaccurate. The claims made in the story are entirely devoid of facts and appear to be based on unverified and speculative sources," TCS stated.
"We had explicitly informed the publication that there is absolutely no truth to the claims being attributed to these sources. Despite this clear clarification, the story has been published, relying solely on unnamed sources," the IT giant also said.
"We have a very longstanding partnership with Royal Bank of Canada and have nurtured this business for years. We cherish our partnership with Royal Bank of Canada," TCS further stated.
Separately, the IT services major recently announced a strategic partnership with artificial intelligence (AI) firm Mistral.
"As part of this collaboration, TCS has become the first global systems integrator partner for Mistral Forge, Mistral's advanced system for enterprises to build frontiergrade AI models grounded in their proprietary enterprise knowledge and domain-specific data," it stated.
"The partnership combines Mistral’s frontier AI capabilities with TCS' deep context of enterprise customers, domain knowledge and engineering excellence, to help organisations scale enterprise AI responsibly with greater speed," TCS added.
"As part of this strategic collaboration, TCS will leverage Mistral Forge to build custom AI models for enterprises. It will help customers deploy their data and enterprise context to improve decision outcomes. This collaboration draws on TCS' strong global presence across North America, the United Kingdom, Europe, and Asia-Pacific to deliver AI solutions tailored to industry needs, operations and regulatory requirements. The partnership will initially focus on sectors like banking, financial services and insurance (BFSI), manufacturing, healthcare, and the public sector, where trusted AI adoption is becoming increasingly critical," it further stated.
Meanwhile, shares of TCS slipped during the fag-end trading session on Friday and were last seen trading 1.05 per cent lower at Rs 2,256.95. At this level, the stock has declined 28.02 per cent over the last six months amid a broader selloff in IT counters.