Selling in IT Shares Continue As Investors Concerns On Growth Mount

Posted By:

Shares in IT companies continued to drag the indices lower as investors remained concerned over growth prospects.

Reports also emerged that IT companies in India were increasingly facing pressure from competition from IT companies in their own countries.

Selling in IT Shares Continue As Investors Concerns On Growth Mount
Tata Consultancy Services: Quotes, News
BSE 2386.00BSE Quote12.65 (0.53%)
NSE 2387.20NSE Quote11.25 (0.47%)
Infosys: Quotes, News
BSE 1014.40BSE Quote2.95 (0.29%)
NSE 1012.75NSE Quote4.45 (0.44%)
Shares in MindTree fell a huge 5 per cent, while other smaller cap IT companies like Polaris dropped 3 per cent and Mphasis was down 2 per cent.

Larger IT companies also continued their losing streak with Infosys dropping 2.42 per cent, Tech Mahindra falling 2.10 per cent and TCS losing another 1.2 per cent in trade.

Investors are now eagerly awaiting the results of tech major Infosys and HCL Tech due later this week. Any disappointment from these majors could drag IT stocks even lower.

Cross currency headwinds and declining price stability are among the worries for investors.

Read more about: mindtree, hcl tech, tcs, polaris
Story first published: Monday, April 20, 2015, 13:11 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?