Infosys Share Crash: The market has been disappointed due to the poor results of Infosys, due to which the stock has been beaten. And other IT stocks have had to bear the brunt of this.
IT Stocks Crash: IT sector stocks opened with a big fall on the first trading day of the week. Infosys, the country’s second largest IT company, opened with a huge decline of 10 per cent. Infosys shares hit lower circuit. Not only Infosys but IT stocks like TCS, Tech Mahindra also opened with a big fall.
Due to the fall in IT stocks, the Nifty IT index fell by 2100 points. At present, the Nifty IT index is trading at 26,459 points with a decline of 6.67 percent or 1883 points. BSE’s IT index is also trading with a big decline. The BSE IT index is currently trading at 26429 points down 6.37 per cent or 1800.
Why did Infosys share fall?
The market has been disappointed with the quarterly results of Infosys for the fourth quarter of the financial year 2022-23. At the same time, the company has also reduced the guidance for the new financial year. Due to which there has been a big decline in the stock of Infosys. Infosys shares fell 10 per cent to open at Rs 1,250. The stock is currently trading at 1222, down 12 per cent.
The stock had closed at Rs 1389 in the last trading session. After the poor results of Infosys, many brokerage houses have downgraded the stock of Infosys and advised investors to sell the shares. There was a big drop in Infosys’s ADRs, after which the Infosys stock declined after three days at the opening of the market.
Other IT stocks also fell
Due to the fall in Infosys, LTI Mindtree is trading down by 8.76 percent, Tech Mahindra by 6.46 percent, L&T Technology by 5.86 percent, Coforge by 4.88 percent, TCS down by 3.42 percent. Persistent is trading with a decline of 7.75 per cent, KPIT Tech by 4.49 per cent. HCL Tech is trading with a decline of 4.59 per cent, Wipro 2.50 per cent. The huge fall in IT index and shares has affected the stock market. Sensex is trading more than 900 and Nifty is trading with a fall of 230 points.
