The dismal Q4 results of Infosys Technologies took a toll on the IT pack with other major IT stocks—TCS, HCL Tech and Wipro—coming under the hammer in the first hour of trading on the NSE this morning.
With Infosys losing more than 17 per cent of value, the CNX IT index was down by 715 points or 10.03 per cent an hour after trading started.
Infosys dived by Rs 496.70 or 17.03 per cent to trade at Rs 2,420. In fact, the stock had slumped to a low of Rs 2,337.35, a loss of nearly Rs 580, before it managed to cut the loss to some extent. TCS, which has been the favourite among the IT stocks along with HCL Tech for a while now, was down by Rs 42.90 to Rs 1494. HCL Tech too lost steam, moving down to Rs 773, down by Rs 17.05. Wipro, which has been under some pressure after business restructuring, lost Rs 18.95 at Rs 384.
Some of the mid-price IT stocks like MindTree. Tech Mahindra too were down.