Tata Consultancy Services (TCS) expects its volume growth to slip to 4.5-4.8 per cent in the July-September quarter, from 5.3 per cent seen in the previous quarter.

The company said induction of freshers, low-margins in Asia-Pacific, and a minor shift to onsite for new deal starts would led to the probable retardation in the volume growth. In addition, the company is unlikely to benefit from rupee depreciation, which may lead to further decline in margins.

In July, chief executive & managing director N Chandrasekaran had assured that the company would be able to maintain growth. In the April-June quarter, the company saw benefits from the ramping up of the Friends Life BPO acquisition.

Ankita Somani of Angel Broking does not foresee any upside in the TCS' stock from the current levels.

Speaking on the topic, Somani said, "We continue to remain positive on the stock but given the current valuations, we do not see any meaningful absolute upside from the current levels. We maintain our neutral view on the stock."

Meanwhile, Nirmal Bang has recommended hold rating on TCS with a target of Rs 1415 a share, in its September research report.

Stock in TCS lost 3.2 per cent to close at Rs 1,300.40 a share on Tuesday.