IT shares dip on dismal results from Oracle

Information technology (IT) shares are under hammer after US-based Oracle Corp, the world's No. 3 software maker reported dismal results for the second quarter ended on November 30, pointed to a possible sales slowdown that could drag down the industry next year. Oracle reported its first earnings miss in a decade.

Its Indian subsidiary, Oracle Financials Services is the largest loser down 6% to Rs 1785, followed by Mphasis  down by 3% at Rs 321.

Among other software majors, TCS, Infosys, Wipro, Patni Computer Services and HCL Technologies are down 1-2% each.

The Bombay Stock Exchange, IT index is the largest loser, down 2.1%, as compared to less than 1% drop in benchmark index Sensex.