Infosys falls nearly 2 pc, BSE-IT index down over 1 pc
IT bellwether Infosys Technologies today plunged nearly 2 per cent, dragging the entire IT pack down by over 1 per cent. Shares of Infosys tanked 1.62 per cent to an early low of Rs 2,758.60 on the Bombay Stock Exchange.business Updated: Aug 20, 2010 12:58 IST
IT bellwether Infosys Technologies on Friday plunged nearly 2 per cent, dragging the entire IT pack down by over 1 per cent.
Shares of Infosys tanked 1.62 per cent to an early low of Rs 2,758.60 on the Bombay Stock Exchange.
"The US data that indicated the slowdown in the economic recovery is primarily taking the IT counters down. Revenues of IT companies mainly depend on the US which may get affected," HDFC Securities Head for Private Broking and Wealth Management Vinod Sharma said.
Fall in Infosys also pulled the BSE-IT index down by 1.2 per cent to 5,501.87 points, becoming the biggest loser among the 13 BSE sectoral indices.
Meanwhile, the 30-share benchmark Sensex was also trading weak at 18,415.85, down 0.21 per cent over the previous close.
In line with the market, other counters in the IT pack were also trading in the red with technology majors Wipro and Tata Consultancy Services shedding 1.39 per cent and 0.91 per cent, respectively in morning trade.
Shares of Mahindra Satyam (earlier known as Satyam Computer Services) also fell by 0.76 per cent to Rs 84.30 on BSE.