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The special dividend will be paid to the shareholders by April 23.
TCS shares tumbled 4.37% to Rs 3,971 on NSE, while it plunged 4.03% to Rs 3,977.55 on BSE.
The company's board has approved the proposal for buy back of up to 4,000,000 shares of face value of Rs 10 each at a price of Rs 10,000 per share.
The NSE Nifty 50 index fell 1.4% to 16,745 by 0347 GMT and the benchmark S&P BSE Sensex was down 1.4% at 56,235.04.
The 30-share BSE index ended 555.15 points or 0.93 per cent lower at 59,189.73. Similarly, the broader NSE Nifty tumbled 176.30 points or 0.99 per cent to 17,646.
The Covid-enforced work-from-home norm has triggered a trend of several people trying their luck in the bourses.
Vodafone Idea soared over 9%, while larger peer Bharti Airtel was up 0.4%.
The stock made its debut at Rs 115, reflecting a huge gain of 51.31 per cent against the issue price on the BSE. It then hit a high of Rs 138, a jump of 81.57 per cent.
Both the indexes last week gained more than 1% to notch their third straight week of gains.
The rupee continued its decline, falling to a near 8-month low of 74.96 against the dollar.