With many of the brokerages downgrading the stock, Wipro came under intense selling pressure, losing 9 per cent by 1 pm today.

The negative sentiment spread to other major IT stocks, bringing down the CNX IT index by over 100 points. However, some of the stocks came off their day’s lows, though they were still trading in negative territory.

Wipro, which has been under pressure post-results, was down by 9.02 per cent or Rs 33.30 at Rs 335.75, with more than 63 lakh shares being traded in the NSE. It touched a low of Rs 327.50 today.

Brokerage house Anand Rathi downgraded the stock to sell from hold, cutting the target price to Rs 320 from the earlier Rs 410, taking into consideration the de-merger and in view of the weak outlook provided by the management.

SBICAP Securities expected Wipro's growth rates to be lesser than its peers in the near-term. It set the target price at Rs 380, even while maintaining a ‘hold’ rating.

Infosys, however, was the biggest loser, shedding Rs 50.60 to trade at Rs 2,245.10 The stock had slipped to the day’s low of Rs 2,223.55, before making a mild recovery.

HCL Tech also came under selling pressure, losing Rs 17.65 to trade at Rs 718.60. TCS dropped to Rs 1,430, a loss of Rs 22.75. Tech Mahindra also was a big loser, shedding Rs 17.10 to Rs 933.20.

The CNX IT was down by 110.05 points.

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