IT shares trade weak in a strong market; TCS, Infosys down over 3%

Shares of information technology (IT) companies were under pressure on Monday with the Nifty IT index falling nearly 3 per cent in the intra-day deals in an otherwise strong market.

At 12:11 pm, the index was the biggest loser among key sectoral indices, and was down 2.7 per cent as compared to a 3.4 per cent rally in the benchmark Nifty50 index.

Infosys tanked 8 per cent to Rs 742 on the National Stock Exchange (NSE) in early morning deal, logging the biggest single-day fall in two years. Currently, the stock was trading 4 per cent lower at Rs 773.