Satyam Computer Services worst hit from IT pack

Satyam Computer Services worst hit from IT pack
IT stocks slumped after another negative US economic data sparked fears the world’s largest economy may face recession.
As at 12:20 IST, the BSE Sensex was down 590.14 points or 3.16% at 18,073.02. The BSE IT index underperformed the Sensex, slipping 5.41% to 3,821.25.
Satyam Computer Services slumped 6.74% to Rs 408.65, Wipro slipped 5.90% to Rs 427.50, Infosys Technologies skid 5.85% to Rs 1,517, TCS shed 5.215 to Rs 900 and HCL Technologies fell 4.95% to Rs 263.
United States contributes to more than half of the revenue of the Indian IT sector and therefore a gloomy US economic outlook hit IT stocks.
The IT index had outperformed the market in the one month to 5 February 2008, falling 3.71% as against the Sensex's 10.33% decline. It had, however, underperformed the market in the past three months, sliding 6.99% against the Sensex's 3.25% slide.