Coforge shares fall over 7% on day 2 of Donald Trump's tariffs coming into effect

The company's intraday low was ₹6,625 on the Bombay Stock Exchange (BSE), which is down by 7.43% from the previous close.

IT company Coforge's shares fell by more than 7% on Friday, mirroring a trend that has been ongoing for four consecutive sessions.

This was the fifth straight day of losses for the Nifty and the week was also the worst one for 2024 (Representational Image/Pixabay)

The company's intraday low was ₹6,625 on the Bombay Stock Exchange (BSE), which is down by 7.43% from the previous close.

At 1 pm, it was down 6.20% or by ₹443.80, trading at ₹6,713.45.

The decline is due to a broader IT stock sell-off. The Nifty IT index dropped by 2.90%, reaching 33,749.90, amid US President Donald Trump's tariffs, which came into effect a day prior.

It was also the stock which fell the most among the 10 stocks on the Nifty IT index. It also fell the second-most on the Nifty Midsmall IT & Telecom index with 20 stocks.

“...in continuation to our announcement dated March 5, 2025 in relation to a stock purchase agreement between Coforge Inc., a wholly owned subsidiary of the Company and Rythmos Inc, we would further like to inform that Coforge Inc. has acquired 100% of the outstanding shares of the Target Company from its stockholders in accordance with the Stock Purchase Agreement,” Coforge wrote in its exchange filing on April 4.

The transaction involved an initial upfront purchase consideration of $30 million subject to further adjustments and completion of certain conditions precedent, in accordance with the Stock Purchase Agreement.

Coforge shares have even declined by around 7% over the previous month and is now down 30% year-to-date, though it has delivered multibagger returns of 547% over the last five years, according to a Mint report.