Rub-off effect: Spooked by TCS Q1 results, IT pack suffers losses

The Nifty IT index tanked over 3 per cent in early trade on Monday when compared with a 0.5 per cent fall on the Nifty50 index

Shares of Tata Consultancy Services (TCS) fell 4.7 per cent to close at Rs 3,112 on Monday on the National Stock Exchange (NSE) after the information technology (IT) major reported a 185-basis point (bp) sequential decline in earnings before interest and tax margins to 23.1 per cent for the quarter ended June (first quarter, or Q1) of 2022-23 (FY23).

While the stock was the top loser on Monday, it pulled down the Nifty IT Index, which closed over 3 per cent lower over the previous day’s closing, making it the top loser among sectoral indices on Monday — a day markets