IT shares dip post Infosys Q4 earnings, IT index tanks 9%
Infosys tanks 20%, while Wipro, Geometric, Hexaware Technologies, Tech Mahindra, HCL Technologies and TCS are down in the range of 3-5%.
Shares of information technology (IT) companies are trading lower by up to 20% in early morning deals after Infosys said its consolidated revenues are expected to grow between 6-10%, a much below than Nasscom’s 12-14% industry growth expectations for the current fiscal 2013-14 (FY13-14).
The Bombay Stock Exchange (BSE) IT index has dipped almost 9% or 585 points at 6,210 compared to 1.56% fall in benchmark Sensex at 0917 hours.
Among the individual stocks, Infoys has tanked as much as 20% to Rs 2,340 on BSE. Wipro and Geometric has dipped 5% each at Rs 382 and Rs 99 respectively, followed by Hexaware Technologies (4% at Rs 78.45)
Tech Mahindra, HCL Technologies, Mahindra Satyam and TCS are down in the range of 2.5-3% on BSE.
The Bombay Stock Exchange (BSE) IT index has dipped almost 9% or 585 points at 6,210 compared to 1.56% fall in benchmark Sensex at 0917 hours.
Among the individual stocks, Infoys has tanked as much as 20% to Rs 2,340 on BSE. Wipro and Geometric has dipped 5% each at Rs 382 and Rs 99 respectively, followed by Hexaware Technologies (4% at Rs 78.45)
Tech Mahindra, HCL Technologies, Mahindra Satyam and TCS are down in the range of 2.5-3% on BSE.