Tata Consultancy Services Ltd (TCS) has dismissed a UK media report claiming that Marks & Spencer (M&S) ended a $1 billion contract with the Indian IT major following cyberattack-related failures. TCS called the report 'misleading'. TCS stock was trading up 0.7 percent at Rs 3,085 at NSE in the late afternoon on Monday.
In a clarification filed with the stock exchanges late on Sunday evening, TCS said The Telegraph article, titled 'M&S ousts Indian outsourcer accused of £300m cyberattack failures', contained factual inaccuracies, including the reported size of the contract and the nature of its continuity with M&S.
TCS stated that the M&S service desk contract referred to in the report went through a regular competitive tender process that began in January 2025, and the retailer decided to work with other partners 'much prior to the cyber incident in April 2025'. The company emphasised that these matters were 'clearly unrelated'. TCS also said that the service desk contract formed an 'insignificant part' of its overall engagement with M&S.
“TCS continues to work on numerous other areas in its role as a strategic partner for M&S and is proud of this longstanding partnership,” the company said.
On the cyber incident itself, TCS reiterated that it had conducted a full scan of its own networks and systems and confirmed that no vulnerabilities originated from its end. “TCS does not provide cyber security services to M&S. This is a service that is provided by another partner,” it added.
The clarification follows The Telegraph’s report suggesting that M&S had decided not to renew its USD 1 billion technology helpdesk deal with TCS after a cyberattack that caused the British retailer losses of about GBP 300 million. Both companies have since confirmed that the contract decision preceded the breach and was part of a regular renewal process.
Earlier, on Friday, TCS shares ended down 0.41 percent at Rs 3,060.6 on NSE. The stock has lost over 25 percent in the last one year.
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