Dec 06, 2012, 12.15 PM IST
All-round selling led by IT and TECk stocks pushed Equity benchmarks deep into the red. At At 11.18 am, the 30-share BSE index Sensex was trading down 183.38 points (0.95 percent) at 19,208.48 and the 50-share NSE index Nifty was down 56.45 points (0.96 percent) at 5,844.05.
The Indian tech sector, which took a beating even yesterday, reacted to Cognizant's fears of a slow down in revenue growth in FY13. In its SEC filing, the Nasdaq-listed Cognizant said its senior executives will get 100 percent of their performance-linked stock units only if the company meets a sales target of $8.52 billion. This means the IT services company's 16 percent growth expectation will be met only after it meets its full-year revenue guidance of $7.34 billion for 2012.
Following the news which indicates 2013 may be another year of hardship, Indian IT stocks nosedived. Infosys remains top loser in the sector with 2.62% cut, followed by HCL Tech, TCS and Wipro.
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