IT shares resume downtrend as Geometric reports hugely disappointing results
Shares in IT companies resumed their downtrend as Geometric Software results reported hugely disappointing results.
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. BSE 1122.9042.5 (3.78%) NSE 1122.8541.7 (3.71%) BSE 2850.85103.65 (3.64%) NSE 2850.85104.75 (3.67%)
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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