Technology stocks such as Infosys, Wipro slipped 1-2 per cent in trade on Thursday after Cognizant Technology Solutions Corp forecast its slowest full-year sales growth in its 20-year history.
Last year, Cognizant's revenue outstripped that of Infosys, but that growth has been showing signs of weakness as large integrated deals take longer to close and its US healthcare business struggle with sales, a worrying sign for the rest of the $100 billion Indian outsourcing industry
Reacting to the news, InfosysBSE -1.68 % slipped over 2 per cent, while Wipro , TCS BSE -1.56 % both plunged over 1 per cent each.
At 09:40 a.m.; BSE IT index was the worst hit among other sectoral indices on the BSE, down 1.3 per cent as compared to 0.06 per cent fall in the Sensex.
Tata Consultancy Services was trading 1.4 per cent lower at Rs 2472 and was also the top loser on the BSE Sensex index. It hit a low of Rs 2470.30 and a high of Rs 2501 in trade today.
Last year, Cognizant's revenue outstripped that of Infosys, but that growth has been showing signs of weakness as large integrated deals take longer to close and its US healthcare business struggle with sales, a worrying sign for the rest of the $100 billion Indian outsourcing industry
Reacting to the news, InfosysBSE -1.68 % slipped over 2 per cent, while Wipro , TCS BSE -1.56 % both plunged over 1 per cent each.
At 09:40 a.m.; BSE IT index was the worst hit among other sectoral indices on the BSE, down 1.3 per cent as compared to 0.06 per cent fall in the Sensex.
Tata Consultancy Services was trading 1.4 per cent lower at Rs 2472 and was also the top loser on the BSE Sensex index. It hit a low of Rs 2470.30 and a high of Rs 2501 in trade today.
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