Shares in Wipro and Infosys slumped to a new 52-week low in trade, as investors continued to dump IT stocks for the first time in many years, as doubts have surfaced over the financial performance.
Infosys, fell to a new 52-week low of Rs 993.15, before the stock saw some recovery and was trading at Rs 998. Wipro on the other hand fell to a new low of Rs 454.10 and was last trading at Rs 458.20.
This quarter was bad for the IT sector, which traditionally has been a good quarter. The problem is that not a single IT company, managed to really churn out a good performance. It is clear that IT spends are down and there would be some more struggle for the sector.