Wipro, Infosys Slump To New 52-Week Low

Business

oi-Sunil Fernandes

Shares in Infosys and Wipro fell to fresh 52-week lows, as investors sold IT stocks agressively.

By Sunil Fernandes

Published: Friday, October 28, 2016, 10:16 [IST]

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.

HCL Tech and TCS have some way to go before they fall to 52-week low, but, investors are clearly dumping IT stocks. On Thursday, MindTree fell to a new 52-week low. It is understandable if the markets have fallen to a new 52-week low, but, the markets are buoyant, while IT stocks slide.

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.

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