Infosys stock slumps 5% most since August 21, 2017; NSE IT index falls 1%

Wipro, TCS and HCL Technologies ended with gains of more than half a per cent

 

Infosys Ltd is a global technology services firm that defines designs and delivers information technology (IT)-enabled business solutions to their clients. The company provides end-to-end business solutions that leverage technology for their clients including technical consulting design development product engineering maintenance systems integration package-enabled consulting and implementation and infrastructure management services.

The company also provides software products to the banking industry. They have developed Finacle a universal banking solution to large and medium size banks across India and overseas. Infosys BPO is a majority owned subsidiary. Through Infosys BPO the company provides business process management services such as offsite customer relationship management finance and accounting and administration and sales order processing.

The company is having marketing and technical alliance with FileNet IBM Intel Microsoft Oracle and System Application Products. Infosys Ltd is a public limited and India’s second largest software exporter company was incorporated in the year 1981 as Infosys Consultants Pvt Ltd by Mr.N.R.Narayana Murthy at Karnataka.

Infosys shares fell 4.55 per cent on Thursday, the most since August 21, 2017. The stock ended at Rs 1,284 after climbing to a lifetime high of Rs 1,354 on Tuesday.

The stock is still up 24 per cent this year. In comparison, the benchmark Nifty has gained two per cent and the Nifty IT index, a gauge for the performance of technology stocks, has gained 20 per cent in 2018. The NSE IT index on Thursday fell just 1.1 per cent as other heavyweights Wipro, TCS and HCL Technologies ended with gains of more than half a per cent amid the rupee closing at a new low of 68.94 against the dollar.

The exact reason for the sell-off in the stock, which caused a market cap erosion of Rs 131 billion, was not evident.

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