Infosys dropped from NASDAQ 100; stock falls

Business

oi-Sunil

By Sunil Fernandes

Updated: Wednesday, December 5, 2012, 12:26 [IST]

Shares of Infosys Technologies, India's second largest software player fell almost two percent in trade, following reports that the company will not be a part of Nasdaq 100 with effect from next Wednesday.

"Facebook Inc announced that it will become a component of the NASDAQ-100 Index, the NASDAQ-100 Equal Weighted Index, and the NASDAQ-100 Technology Sector Index prior to market open on December 12, 2012. Facebook Inc. will replace Infosys Limited," Reuters reported.

Infosys Technologies has been an underperformer in a rising market, as the growth numbers for the company in the last few quarters has been tepid. From being a darling from amongst the IT sector, investors are betting on other IT stocks like HCL Technologies and TCS.
The company being replaced in the NASDAQ 100 is further bad news for Infosys.

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