IT stocks drag markets to end lower

Indian shares edged down on Friday as market heavyweight Tata Consultancy Services (TCS) slumped on worries about its future following key management changes.

Shares of the IT outsourcing giant fell about four per cent to a one-month low as Chief Executive Officer Natarajan Chandrasekaran’s departure to head holding company Tata Sons as chairman overshadowed the company’s better-than-expected December-quarter results.

Adding to the fall, Infosys shares declined 2.5 per cent on profit-taking after the company posted positive quarterly results, but narrowed its full-year revenue guidance range.

Infosys fell as much as four per cent intra-day to its lowest since December 7, coming off a