IT companies8217; stocks sink on IT index

Infosys stock tumbled by as much as 6 per cent to Rs 2,749.35 and dragged other software firms down as well. Larger rival Tata Consultancy Services shed 3.64 per cent to a low of Rs 1,113.65.

Other software firms also witnessed a similar trend in morning trade on the bourses,with Wipro stock falling as much as 3 per cent,while HCL Tech stock was down 2.11 per cent,Mphasis 2.25 per cent and Tech Mahindra 1.90 per cent.

8220;Infosys results were not up to the mark and if there is any nasty surprise ahead for TCS,then the whole IT sector can get downgraded,8221; Ashika Stock Broking Research Head Equities Paras Bothra said.

However,three companies defied the broader market trend and were trading in the positive territory,including Patni Computer stock,which was trading at Rs 339,up 0.73 per cent,and Oracle at Rs 2,297.05,up 0.06 per cent on the BSE.

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