Techs shudder over TCS public issue move

DALAL STREET SPIKES

The technology sector is witnessing signs of sell-off pressure as frontline stocks such as Infosys Technologies, Wipro and Satyam Computer have lost over 4 per cent since the announcement of the TCS public offer on last Thursday.

While Satyam has been the biggest loser with the stock crashing 7.73 per cent from Rs 300.90 on Thursday to Monday's close of Rs 286. Infosys at Rs 4,996.20 has crashed 5.27 per cent in the last two trading sessions.

Wipro also crashed 5.35 per cent from Rs 1,479.50 to Monday's close of Rs 1,442.75 Second-rung technology firms are also under selling pressure amid over all bearish trend in the market.

Market analysts attribute the fall in technology stocks to churning of portfolios by high net worth individuals and institutional investors which are making way to add the TCS share into their portfolios.