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Selling in IT Shares Continue As Investors Concerns On Growth Mount
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.
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.
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