/ Infosys Leads CNX IT Downfall ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 3 January 2017

Infosys, country’s second largest technology company by market capitalisation, has fallen 0.66% intraday, wherein the BSE IT Index was down just by 0.1%, trading at Rs 10132. Infosys has contributed maximum to the fall in the index today counterpoising a surge in IT midcaps and smallcaps.

During 2017, Infosys has tumbled 7.92% while in the month of December it had recovered 3.21%. The BSE IT index was down 6.7% for a year and recovered by 4.5% during December 2016. Thereby Infosys has underperformed its benchmark index at all fronts of time horizons.

The recent correction in Infosys was led by Chief, Vishal Sikka’s first address of calendar year 2017, wherein he cued towards the difficulties the company would face in automation going forward and cautioned the employees against lacklustre attitude displayed by them. He expects employees to work beyond their scope to deliver the tasks.

Vishal Sikka was appointed as the CEO and MD of the company in August 2014 and his tenure was extended up to March 2021. However, the company’s Chief Compliance Officer and Executive Vice-President, David Kennedy’s resignation has contributed to the visible weakness in the stock.
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