Erasing initial gains, the BSE Sensex on Friday dropped 238 points as investors sold IT stocks after industry bellwether Infosys gave disappointing growth outlook for this financial year (2012-13) amid weak trend in European markets.
The Sensex plunged 238.11 points, or 1.37 per cent, to 17,094.51 as heavyweight Infosys suffered hefty losses . The BSE 30-scrip index initially rose to 17,398.22.
Similarly, NSE 50-scrip index Nifty fell 69.40 point, or 1.32 per cent, to 5,207.45, after touching a high of 5,306.75.
Infosys tumbled 12.61 per cent to Rs 2,403.30 following weak revenue guidance for 2012-13, while announcing the fourth quarter earnings result for the last financial year. It pulled down the IT sector index, which suffered the most by losing 8.76 per cent to 5,404.27, as well as the overall market.
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Infosys said Q4 was a difficult quarter and it could not meet even the lower end of its estimate for the period.
Tata Consultancy Services dropped 5.47 per cent and Wipro by 4.10 per cent.
Of the 30 Sensex stocks, 17 declined and 13 ended in positive zone, including Reliance Industries.
With PTI inputs