Shares of IT major Infosys Technologies on Friday fell by over 1 per cent on the BSE, leading to a decline in the entire IT pack.
The scrip plunged by over 1.24 per cent to settle at Rs 2,769.20 on the Bombay Stock Exchange. During the day, it tanked nearly 2 per cent to hit a low of Rs 2,758.55.
The fall in the IT bellwether's stock pulled down the BSE-IT down by 52.20 points, or 0.94 per cent, to settle at 5,517 today.
Analysts attribute the lag in the IT stocks to the slowdown in the US market, since their revenue depend on them.
The decline in Infosys was followed by software exporter TCS, which shed 0.56 per cent to close at Rs 867.10.
In line with the market, other IT stocks too settled the session with losses including, Wipro and Mahindra Satyam, down 1.77 per cent and 0.82 per cent, respectively.
The broader gauge Sensex too ended the day in the red, down by 53.12 points at 18,401.82.