Indian shares closed down on Tuesday, dragged by a sharp fall in Infosys stock, while weak earnings from a raft of companies further dented investor sentiment.
Infosys dived nearly 17% and was the biggest drag on the NSE index, as the country’s No. 2 software services firm said it was investigating whistleblower claims accusing its top two executives of “unethical practices” to boost short-term profit.
The broader Nifty ended 0.63% lower at 11,588.35, while the benchmark BSE Sensex closed down 0.85% at 38,963.84.
Only 2 out of 10 stocks on the Nifty IT index ended higher. The index closed 4.68% lower.
Shares of air conditioning parts manufacturer, Subros Ltd, slid as much as 7% to its lowest in nearly five weeks after the company posted a drop in quarterly net profit.
Shares of ICICI Bank Ltd and Dr. Reddy’s Laboratories Ltd were among the top gainers on the NSE index, closing up 3.05% and 3.15%, respectively.