Media Release on Tulip IT Services Ltd.

The equity share of Tulip IT Services Ltd. was listed on BSE today. At 2.24 pm. a sell order for a large quantity of the shares was placed at a price unrelated to the then prevailing market price. This has resulted into many trades being executed.

The exchange is examining all issues related to the order and the resultant trades and shall come out with an appropriate announcement in this regard.

Kalyan S. Bose
Head – Corporate Affairs

January 5, 2006