Infosys, TCS shares fall on valuation, rupee concerns
Shares of IT majors Infosys and TCS fall on concerns about their valuations relative to the market and on fears that the rupee may regain some of its recent losses as it looks oversold at current levels.business Updated: Aug 21, 2013 13:12 IST
Shares of IT majors led by Infosysand TCS fell in morning trade today following profit-booking by investors, washing out all initial gains. Shares of Infosys fell 2.23 % and touched an early low of Rs 2,940, while the Tata Group firm TCS fell 1.97% to an intra-day low of Rs 1,701 at the BSE.
Among other IT majors, HCL Technologies tanked 1.74 % and Wipro shed 1.26 % to Rs 447.70.
Commenting on the downtrend, market analysts said IT stocks were in the spotlight for the last couple of days when rupee was hovering around its all-time low levels and today the counter witnessed heavy selling by investors, erasing early gains due to profit-booking.
The rupee was down eight paise at 63.33 against the US dollar in early trade today after the RBI announced fresh measures to curb volatility and ease liquidity situation.
The rupee had ended 12 paise lower at 63.25 after hitting a fresh low of 64.13 during intra-day trade against the US dollar in the previous session. Meanwhile, the BSE benchmark index Sensex was trading 137 points up to 18,383.59 in late afternoon trade today.