IT Stocks Fall On Weak US GDP Growth

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    Shares in IT stocks slumped further, a day after the US reported a lower than expected GDP numbers for the first quarter of 2015.

    IT Stocks Fall On Weak US GDP Growth
    Tata Consultancy Services: Quotes, News
    BSE 1870.10BSE Quote5.9 (0.32%)
    NSE 1870.15NSE Quote2.35 (0.13%)
    Infosys: Quotes, News
    BSE 736.55BSE Quote10 (1.36%)
    NSE 736.80NSE Quote10.2 (1.38%)

    Indian IT companies derive bulk of their revenues from the US markets and worries over growth in the country has an immediate affect on share prices.

    Shares in TCS were down 1.71 per cent, while Infosys was down one per cent, HCL Tech was down 2.2 per cent and Hexaware was down a huge 7 per cent.

    GDP data in the US came in weaker at 0.2 per cent, as against expectations of one per cent.

    Already results posted by IT companies has been hit, largely on account of cross currency headwinds. Lower than expected growth in the US could also hit revenues and profitability.

    Read more about: infosys tcs hexaware
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    Notification Settings X
    Time Settings
    Clear Notification X
    Do you want to clear all the notifications from your inbox?
    Settings X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more