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Shares of Infosys Ltd fell as much as 5.73 per cent to Rs 1268.1, its biggest daily percentage loss since April 16. The stock was the top drag on the NSE index, which ended down 20.15 points. Over 85,00,00 shares changed hands, more than double the 30-day average volume.
The stock ended at Rs 1,286.50, down Rs 58.70 points or 4.36 per cent on the NSE.
Trade war nerves had pegged all of Asia's bourses back with a US deadline to impose tariffs on Chinese imports just a day away. Stock plummeted after breaching a support at Rs 1,325.10, the 61.8 per cent Fibonacci projection level of the uptrend from October 5, 2012 low to June 3, 2016 high.
The stock’s wave pattern suggests, it has either completed or is near the completion of the seventh wave of a seven wave cycle. Earlier this week, the Infosys stock gained about Rs 150 after May's triangle pattern breakout; profit booking was seen once a target of around 1,350 was met.
The stock has risen 30.1 per cent this year as of Wednesday's close, outperforming the broader NSE index’s 2.3 per cent gains in the same period.
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