IT stocks have dropped in morning trades after Citigroup and Goldman Sachs lowered estimates for these stocks on Monday. The financial worries in US and Europe have led to the decision by these two firms, which comes within a month of a similar move by BNP Paribas.
According to reports, Citigroup Global Markets’ Surendra Goyal cut the price targets of the big four Indian IT firms by between 11.9% and 19.6%, Goldman Sachs Global Investment Research slashed the price targets of seven stocks by 9.8-30.7%.
Heavyweights like Infosys, TCS and Wipro have dropped 1.5-2 per cent each in morning trades. Among other stocks, Financial Technologies has dropped 2% to Rs 755. Core Projects, Tech Mahindra, MphasiS and Patni Computers have slipped 1-2% each.
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