IBM's Biggest Stock Crash Since 1968 Jolts Indian IT Stocks; Infosys, Wipro, TCS & Others in Red; HCLTech Flat

Shares of Indian tech companies came under selling pressure on Wednesday, July 15, after US technology giant IBM posted weaker-than-expected preliminary second-quarter results, triggering its steepest single-day stock market decline since at least 1968. The sharp fall in IBM's shares weighed on global technology sentiment, leading to declines of up to 2.5% in Indian IT counters.

IBM's Biggest Stock Crash Since 1968 Jolts Indian IT Stocks; Infosys, Wipro, TCS Drop

Stocks including Infosys Ltd., Wipro Ltd., Tata Consultancy Services (TCS) Ltd., Persistent Systems Ltd., Coforge Ltd. and several other IT companies traded in the red as investors assessed the implications of slowing enterprise technology spending. Only HCLTech is trading in green.

TCS Share Price Today

At 11:49 AM IST on July 15, shares of Tata Consultancy Services (TCS) were trading at Rs 2,190.10, down 0.48% for the day. The stock opened at Rs 2,174.10, climbed to an intraday high of Rs 2,202.90, and touched a low of Rs 2,145.40 as investors remained cautious following weak global technology cues.

Wipro Share Price Today

At 11:37 AM IST on July 15, Wipro Ltd. shares were trading at Rs 176.15, down 0.56%. The stock opened at Rs 175.12, hit an intraday high of Rs 176.60, and slipped to a low of Rs 174.65, mirroring the broader weakness in IT stocks.

Infosys Share Price Today

At 11:38 AM IST on July 15, Infosys Ltd. shares traded at Rs 1,080.20, down 1.16%. The stock opened at Rs 1,079.00, touched an intraday high of Rs 1,088.10, and fell to a low of Rs 1,074.00 amid selling pressure across the technology sector.

HCLTech Share Price Today

At around 11:49 AM IST on July 15, HCL Technologies Ltd. shares were trading at Rs 1,172.20, up 0.47%. The stock had opened at Rs 1,157.00, touched an intraday high of Rs 1,181.60, and a low of Rs 1,144.50. Despite trading in positive territory, the stock remained volatile as investors reacted to the broader weakness in global IT stocks following IBM's disappointing quarterly update.

The weakness followed IBM's preliminary earnings announcement, which disappointed Wall Street expectations. The US technology major reported second-quarter revenue of $17.2 billion, missing analysts' estimates of $17.9 billion. Its adjusted earnings per share (EPS) came in at $2.93, below the consensus forecast of $3.01.

IBM Chief Executive Officer Arvind Krishna said the softer performance was primarily due to weakness in the company's software and infrastructure businesses. According to him, several enterprise customers shifted their technology budgets towards hardware purchases, including memory chips, instead of software spending, affecting overall revenue growth.