Shares price of IT major Tata Consultancy Services jumped 2 per cent during the early trading hours on Thursday after its shareholders approved up to Rs 16,000 crore share buyback plan.

The stock gained 2 per cent to Rs 2,678.6 on the BSE. However, during the afternoon, the shares lost early gains to trade at Rs 2,649.70, up by Rs 23.80 or 0.91 per cent.

Similarly on the NSE, after hitting the high of Rs 2,676.15, the company’s scrip was trading Rs 22 or 0.84 per cent higher at Rs 2,648.65.

Last month, TCS’ board of directors had approved a buyback proposal of up to 5,33,33,333 equity shares of the company for an aggregate amount of up to Rs 16,000 crore.

“… the members of the company have duly passed the special resolution approving the Buyback,” TCS said in a regulatory filing on Wednesday.

The voting, which started on October 20, and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer. There was 100 per cent voting in favour of the proposal by the promoters, 98.11 per cent by public institutional shareholders and 98.43 per cent by other shareholders.