Rolta plummets by almost 60% in intra-day trades

It appears to be a crisis of confidence in the IT sector. The stock of Rolta Ltd nosedive by almost 60% around 1.30 p amidst market talk that a leading financier to whom the company had pledged almost 2.5% shares had offloaded in the market. While it could not be independently confirmed with the company or the financier as to the actual investments , the company's stock appears to be under severe strain. An institutional investor with a large stake in this company is also reported to have offloaded more than 50 lakh shares in the market on Tuesday. The stock of Rolta Ltd seemed to recover and was quoting at Rs 72.90 down 31.16% around 2.00 pm on Tuesday. The domestic software service provider stock hit a new 52 week low at Rs 42.40 on the BSE.