- TCS shares dropped over 7% to Rs 2,271 amid heavy selling pressure
- Nifty IT index faces significant weakness after a strong two-day rally
- TCS stock erased all gains made in the last two trading sessions
After an unprecedented rally in Nifty IT in the last two sessions, the index is facing immense pressure in trade on Wednesday, with much of the weakness being led by TCS, which is trading with cuts of more than 7%.
The stock is trading at Rs 2,271, accounting for a loss of more than 7% compared to Tuesday's closing price. This is a sharp selloff for a stock that has risen just over 6% in the last two trading sessions, effectively meaning that TCS has pared all gains and is trading at lower levels than last week.
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The sharp fall in TCS shares can be attributed to a pullback in global software stocks also weighed on the sector while some profit booking in the sector cannot be ruled after the Nifty IT rallied 8% in just two days.
ALSO READ: TCS Share Price Slumps 6%, Infosys, HCL Tech Fall 3% As Nifty IT Snaps Two-Day Win Streak
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