Infosys hits 52-week low, down 7%
Shares in Infosys Technologies plunged nearly 7% in opening trade while the BSE IT index is trading at its 20-month low.
By ET Online | Updated:
NEW DELHI: Shares in Infosys Technologies plunged nearly 7% in opening trade while the BSE IT index is trading at its 20-month low.
Shares in IT stocks have been under some pressure on rising fears of another recession in the United States that might impact the earnings growth of the sector going ahead.
Infosys touched a 52-week low of Rs 2,172.65. At 10:00 AM, shares in Infosys were trading 6.2% lower at Rs 2,214.25 while for the year the stock has plunged over 20 per cent.
Other stocks which have hit their 52-week low today in information technology range are HCL Technologies Ltd and Patni Computer Systems Ltd.
BSE IT index was down 5.2% dragged down by losses in, TCS (-4.58%), HCL Tech (-4.23%), Mphasis (-4.30%) and Tech Mahindra (-3.6%).
In a recent brokerage report, BNP Paribas has downgraded the entire IT sector.
Downgrades Infosys to 'Reduce' with a target of Rs 2000
Downgrades Persistent Systems to 'Reduce' with a target of Rs 250
Downgrades Tata Consultancy Services Ltd to 'Reduce' with a target of Rs 830
Downgrades MindTree Ltd to 'Reduce' with a target of Rs 270
Downgrades Wipro Ltd to 'Reduce' with a target of Rs 270
Shares in IT stocks have been under some pressure on rising fears of another recession in the United States that might impact the earnings growth of the sector going ahead.
Infosys touched a 52-week low of Rs 2,172.65. At 10:00 AM, shares in Infosys were trading 6.2% lower at Rs 2,214.25 while for the year the stock has plunged over 20 per cent.
Other stocks which have hit their 52-week low today in information technology range are HCL Technologies Ltd and Patni Computer Systems Ltd.
BSE IT index was down 5.2% dragged down by losses in, TCS (-4.58%), HCL Tech (-4.23%), Mphasis (-4.30%) and Tech Mahindra (-3.6%).
In a recent brokerage report, BNP Paribas has downgraded the entire IT sector.
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Downgrades Infosys to 'Reduce' with a target of Rs 2000
Downgrades Persistent Systems to 'Reduce' with a target of Rs 250
Downgrades Tata Consultancy Services Ltd to 'Reduce' with a target of Rs 830
Downgrades MindTree Ltd to 'Reduce' with a target of Rs 270
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Downgrades Wipro Ltd to 'Reduce' with a target of Rs 270
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