Earnings worries drag IT stocks

R.Y. Narayanan Coimbatore | Updated on October 11, 2011

The nervousness seen in the frontline IT stocks ahead of the second quarter results of IT bellwether Infosys tomorrow brought down the CNX IT index today with Infosys itself being a major loser.

Of the 19 IT stocks in the CNX IT, only three ended in the green with rest of the stocks shedding value. But the steepest value erosion was in the Infosys counter that lost Rs 90.65 or 3.50 per cent to close at Rs 2,499.30 on the NSE.

Other prominent IT counters such as CMC, Financial Technologies, TCS, Wipro and HCL Tech too suffered erosion in value but to a much less extent than Infosys.

TCS lost Rs 29.70 or 2. 79 per cent to close at Rs 1,035, HCL Tech shed Rs 12.20 to end at Rs 401.70, CMC lost Rs 22.35 to close at Rs 773, Financial Technologies shed Rs 19.35 to close at Rs 729.80 and Wipro lost Rs 8.40 to end at Rs 340.50.

The three gainers were MindTree Ltd that closed at Rs 340.10 (gain of Rs 3.65 ), Tech Mahindra and Rolta that ended marginally up.

The CNX IT index lost 158.50 points or 2.73 per cent to close at 5,637.95.

Published on October 11, 2011

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