IT shares resume downtrend as Geometric reports hugely disappointing results

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Shares in IT companies resumed their downtrend as Geometric Software results reported hugely disappointing results.

IT shares resume downtrend as Geometric reports hugely disappointing results
Infosys: Quotes, News
BSE 927.10BSE Quote2.65 (0.29%)
NSE 926.95NSE Quote2.6 (0.28%)
Tata Consultancy Services: Quotes, News
BSE 2580.95BSE Quote8.1 (0.31%)
NSE 2583.90NSE Quote2.7 (0.10%)
The stock of Infosys fell 1.25 per cent, TCS was down 1.8 per cent. The stock of Geometric fell a huge 10 per cent after reporting poor results.

The company reported a net profit of just Rs 3.3 crore, as against Rs 16.3 crores in the last quarter.

Financial performance of IT companies have lagged estimates this year with majors like TCS, Infosys, Wipro and HCL Tech reporting lower margins and muted revenue growth.

 Stocks like TCS and Infosys have lost heavy ground in the last few trading sessions.

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Read more about: tcs, infosys, hcl tech, software
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