IT stocks tumble; Nifty IT index falls over 2%, Infosys plunges 4%

Information technology (IT) stocks came under heavy selling pressure on Friday after reports said Goldman Sachs has downgraded counters such as Tata Consultancy Services (TCS), Wipro, and Mphasis. The brokerage, as per reports, noted that the IT sector, as a whole, will face cyclical hiccup ahead and the current valuation of the sector is at premium to historical average.

That apart, news reports that US was planning tighter visa norms, too, hurt the investor sentiment.

At 10:19 am, Nifty IT index was trading over 2 per cent lower at 14,950 levels with all the 10 constituents in the red. Infosys (down nearly 4 per cent) was the biggest loser on the index followed by Tech Mahindra, HCL Tech and Hexaware. In comparison, the Nifty50 index was trading at 11,932 levels, down 36 points or 0.30 per cent.