By Malvika Gurung
Investing.com -- The domestic market ended a highly volatile session painted in red, snapping an over 5% rally spanning over the past nine sessions on Monday, led by a tumultuous 15% crash in the IT behemoth stock Infosys (NS:INFY) as the Street reacted to its March quarterly earnings show on April 17, 2023.
Sectoral index Nifty IT plummeted 7.61% on Monday and hit a new 52-week low at 26,184.45 points, ending the session 4.71% or 1,334.6 points lower at 27,008.2 levels.
All the constituent stocks of the 10-scrip sectoral index ended in the red on Monday, led by a 9.4% dive in Infosys, followed by LTI Mindtree (NS:MINT) and Tech Mahindra (NS:TEML).
India’s largest IT services provider Tata Consultancy (NS:TCS) Services slipped the least on the Nifty IT pack, down 1.56% to Rs 3,139 apiece at closing.
The IT giant Infosys was the worst performing stock on not only Nifty IT but also benchmark indices Nifty50 and Sensex.
The Bengaluru-based IT major missed the Street’s topline and bottomline forecasts for the March quarter, while also failing to meet its own revenue growth guidance target for the financial year 2022-23.
Continue Reading: Infosys Crashes 15% to New 52-Week Low on Disappointing Q4 Show