I don't understand stock market: Narayana Murthy

Following the Friday's stock market crash after Infosys Technologies guidance of a flat growth in first quarter, chairman and chief mentor N R Narayana Murthy today said he did not understand market behaviour.

"I don't understand stock markets. I do not invest in them," Murthy replied when asked whether the guidance triggered the crash.

"There were market analysts tracking the stock movement and one should ask them about market behaviour," he said on the sidelines of the convocation ceremony of the Indian Institute of Foreign Trade here.

The Sensex had plunged by 220 points to end at 11-week low of 6248.34 pulled down by across-the-board sell-off in an apparent reaction to Infosys' disappointing guidance for first quarter this fiscal and a meltdown in global indices.

The BSE IT index had also nosedived by 160.20 points to close at 2434.47, following a hefty fall in Infosys.

Infosys, the country's second-largest software maker, fell Rs 145.70, or 6.9 per cent, to Rs 1,956.60, posting its biggest decline since May 17.

Other software companies had also declined on concern about lower forecasts. Satyam, the fourth-biggest, dropped Rs 24.80, or 6.1 per cent, to Rs 382.75. TCS, the country's biggest software maker, declined by Rs 81.50, or 5.8 per cent, to Rs 1,319.