Sensex, Nifty end lower as Infosys crashes

Reuters
Bengaluru, Karnataka, India Updated: Oct 22, 2019, 04:25 PM(IST)

File photo. Photograph:( Zee News Network )

Story highlights

Infosys dived nearly 17 per cent and was the biggest drag on the NSE index, as the country's No. 2 software services firm said it was investigating whistleblower claims accusing its top two executives of 'unethical practices' to boost short-term profit

Indian shares closed down on Tuesday, dragged by a sharp fall in Infosys stock, while weak earnings from a raft of companies further dented investor sentiment.

Infosys dived nearly 17 per cent and was the biggest drag on the NSE index, as the country's No. 2 software services firm said it was investigating whistleblower claims accusing its top two executives of "unethical practices" to boost short-term profit.

The broader Nifty ended 0.63 per cent lower at 11,588.35, while the benchmark BSE Sensex closed down 0.85 per cent at 38,963.84.

Only 2 out of 10 stocks on the Nifty IT index ended higher. The index closed 4.68 per cent lower.

Shares of air conditioning parts manufacturer, Subros Ltd, slid as much as 7 per cent to its lowest in nearly five weeks after the company posted a drop in quarterly net profit.

Shares of ICICI Bank Ltd and Dr. Reddy's Laboratories Ltd were among the top gainers on the NSE index, closing up 3.05 per cent and 3.15 per cent, respectively.

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