Led by Infosys, IT stocks among worst hit as panic grips markets
Led by Infosys, IT stocks today fell sharply as panic-stricken investors resorted to hectic selling, pulling down the sectoral index by more than four per cent on BSE.
By PTI | Updated:
MUMBAI: Led by Infosys, IT stocks today fell sharply as panic-stricken investors resorted to hectic selling, pulling down the sectoral index by more than four per cent on BSE.
Experts said investors, spooked by renewed fears of global economic meltdown, retreated from IT companies on heightened fears of a recession returning to the United States from where software exporters earn a big chunk of their revenue.
The IT index at the Bombay Stock Exchange (BSE) settled at 4,738.11, down 4.41 per cent due to a steep fall in the share price of blue-chips like Infosys, TCS and Wipro.
Infosys closed 5.79 per cent down to emerge as the worst performer among the Sensex stocks. During the day, the stock hit a 52-week low of Rs 2,172.65.
The country's biggest IT exporter TCS, dropped by 3.36 per cent, followed by Wipro at 2.29 per cent.
The US-listed Indian IT companies also saw heavy sell-off on the American bourses yesterday. Infosys ADRs (American Depository Receipts) plunged over 11 per cent and that of Wipro had fallen more than 8 per cent.
Analysts said that with fears of a double-dip recession in the US and spread of euro zone crisis, export-driven IT stocks ended up as losers.
Experts said investors, spooked by renewed fears of global economic meltdown, retreated from IT companies on heightened fears of a recession returning to the United States from where software exporters earn a big chunk of their revenue.
The IT index at the Bombay Stock Exchange (BSE) settled at 4,738.11, down 4.41 per cent due to a steep fall in the share price of blue-chips like Infosys, TCS and Wipro.
Infosys closed 5.79 per cent down to emerge as the worst performer among the Sensex stocks. During the day, the stock hit a 52-week low of Rs 2,172.65.
The country's biggest IT exporter TCS, dropped by 3.36 per cent, followed by Wipro at 2.29 per cent.
The US-listed Indian IT companies also saw heavy sell-off on the American bourses yesterday. Infosys ADRs (American Depository Receipts) plunged over 11 per cent and that of Wipro had fallen more than 8 per cent.
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Analysts said that with fears of a double-dip recession in the US and spread of euro zone crisis, export-driven IT stocks ended up as losers.
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