Bloodbath on IT counters

DALAL STREET SPIKES

IT stocks tanked following disappointing results by TCS. The BSE IT index has lost 9.9 per cent in the last two trading sessions. In Tuesday's trading, the BSE IT index was down 2.38 per cent to 2346.47, with TCS being the biggest loser among the forntline counters.

The TCS stock slipped 8.37 per cent to Rs 1,209.75. Market analysts said, disappointing result by TCS resulted in sell-off across most of the IT stocks.

Infosys Technologies slipped from its day's high of Rs 1,974 to end 0.11 per cent higher at Rs 1,914.10. Satyam stock was down 4.63 per cent to Rs 367.85, while Wipro ended 2.99 per cent lower to close at Rs 576.95. Among second rung IT companies, CMC was down 14.16 per cent to Rs 522 and HCL Infosystems was down 1.58 per cent to Rs 786.