Shares of HCL Technologies fell 3.3% to Rs 1,108.55 on the BSE in intraday trade on Friday, as information technology companies’ weightage in the MSCI index has been reduced by 0.2 basis points. These changes will take effect on March 1, 2023.

At 1:51 pm, HCL Technologies was trading down 3% at Rs 1,110.95 on the BSE. The stock was the biggest loser among Nifty 50 and S&P BSE Sensex stocks. The benchmarks, meanwhile, were down around 0.3% each.

However, despite today’s drop, HCL Technologies has gained 17% over the past six months, outperforming the broader market, while the benchmark index has gained 3%. In contrast, Tata Consultancy Services (TCS) and Infosys rose 10% and 7%, respectively. Conversely, shares of Wipro, Tech Mahindra and LTI Mindtree fell between 3% and 6%.

Analysts at ICICI Securities have a ‘buy’ call on HCL Technologies with a 12-month target price of Rs 1,220 per share.