Shares of TCS slumped 6.53 per cent to hit a low of Rs 2,287 on BSE in morning trade. The market-cap of the IT company stood at Rs 2,35,850 crore against Rs 2,42,328 crore in the previous session.Market cap of Wipro (Rs 2,661 crore), HCL Technologies (Rs 3,160.44 crore) and Tech Mahindra (Rs 1,268 crore) too saw significant value erosion.Overall, the market-cap of the top five IT firms was down by Rs 38,878 crore. "Among the top picks we believe that HCL Tech would do better than Infosys. But Infosys still remains our top pick followed by TCS, Tech Mahindra and Wipro," said Urmil Shah of IDBI Capital. Foreign brokerage Credit Suisse said it prefers HCL Tech and Tech Mahindra more as they have relatively less exposure to the BFSI space.

Source: Economic Times September 08, 2016 05:03 UTC