Infosys stock hammered; drags IT pack lower as sentiments turn sour

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Infosys stock hammered; drags IT pack lower
Infosys: Quotes, News
BSE 964.10BSE Quote11.95 (1.24%)
NSE 964.50NSE Quote11.1 (1.15%)
Wipro: Quotes, News
BSE 460.10BSE Quote7.55 (1.64%)
NSE 460.40NSE Quote7.9 (1.72%)
Shares of Infosys Technologies were hammered down almost 9% today, as its profit after tax figures for the first quarter dissappointed the streets. The PAT came in at Rs 2289 crores, against analysts expectations of around Rs 2,450 crores.

The shares of Infosys were trading at Rs 2257 on the Bombay Stock Exchange, down around 8.65%.

The company's results also saw sentiments turning sour for the other IT sector with stocks of TCS losing 2.22% at Rs 1233, HCL Technologies losing 2.2% at Rs 483 and Wipro losing 2% to trade at Rs 365.

Analysts believe that IT stocks may get re-rated following the poor results from Infosys Technologies.

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