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HomeSTOCKSWhy Did IT Shares Crash? Why Are Investors Running Away After Selling?

Why Did IT Shares Crash? Why Are Investors Running Away After Selling?

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IT stocks are falling today. Even though the stock exchange has begun to recover after a rough start, IT stocks are in poor condition. 

Share prices for HCL Tech, TCS, Wipro, Infosys, and LTIM are falling. What is the cause of the fall in IT stocks?

HCL Tech is Nifty’s top loser. It fell 3.25 percent in the morning session to Rs 1543.90. L&T Mindtree also fell 2.88 percent to Rs 5011.05. 

Wipro has fallen by 2.52 percent to Rs 487.85. Infosys has fallen by 2.02 percent to Rs 1523.25. TCS is down 1.16 percent. The price is Rs 3926.95. 

Tech Mahindra is also listed as a top loser, along with Mphasis Persistent LTTS and Koforz.

Why Fall?

The New York Stock Exchange saw the shares of Accenture, a global IT giant, fall by more than nine percent. 

As a result, the ADRs (American Depository Receipts) of Indian companies Wipro and Infosys have fallen. 

Accenture’s revenue dropped significantly in Friday morning trades, causing a decline in Indian IT stocks.

Early trading saw a 3 percent drop in the Nifty IT Index. The Indian stock market turned red due to this selling of IT stocks. Both Sensex as well as Nifty fell dramatically in the morning.

Avinash Gorakshkar is the Research Head at Profitmart Securities. He said that Accenture’s share price dropped on the US stock exchange after the company gave weak guidance. 

The ADR shares for Infosys, Wipro, and other global IT companies also suffered. Its ADR shares are being affected. 

This has caused Indian IT stocks to trade in the red in Friday morning deals.

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