IT stocks faces sell-off, Nifty Index falls 3%

IT stocks witnessed heavy sell-off on Thursday. The Nifty IT Index fell 3% to touch 21,507.60 levels after opening at 22,473.65.

IT stocks witnessed heavy sell-off on Thursday. The Nifty IT Index fell 3% to touch 21,507.60 levels after opening at 22,473.65.

The index had previously closed at 22,204.05 level. Among the major losers, Mindtree ltd. fell 5% to Rs 1,465; while Tech Mahindra fell more than 4% to trade at Rs 814.15 per share.

Coforge ltd, HCL Technologies and Infoedge witnessed a downfall between 3-4%. HCL Tech. was recently awarded with the Microsoft partnership award.

Wipro also continued to trade in the red for 2 consecutive sessions after its announcement of Q2 FY2021 results. The company also announced the share buyback scheme worth Rs 9,500 crore.

TCS who had also recently announced share buyback was down 3%. L&T Infotech was down by 1.5%.

The Index has given a return of 68% in the past 6 months.

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