Infosys stocks plunges 16 per cent; drags IT stocks lower

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, April 12, 2013, 9:46 [IST]

Poor results from India's second largest software services provider, Infosys dragged stocks from the sector lower with biggies Tata Consultancy Services, HCL Tech and Wipro and all trading lower.

While Infosys dropped more then 16 per cent, Tata Consultancy Services was down 2.73 per cent, Wipro dropped 3.55 per cent, while HCL Tech was down 2.44 per cent.

Second rung software stocks also dropped with Polaris down 3 per cent, Mindtree down 2.23 per cent, Mphasis down 1.3 per cent, Oracle Financial down 2.37 per cent and Polaris Tech down 2.8 per cent.

After one set of superlative numbers in Q3 FY 2013, Infosys, India's second largest software services provider has disappointed again with a poor set of numbers for Q4 FY 2013. Margins, guidance and revenues, particularly dollar revenues have been poor.

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