Tejas Networks Faces Significant Stock Decline Amid Broader IT Hardware Sector Weakness

Tejas Networks, a midcap player in the IT hardware sector, has experienced significant downward movement in its stock price today, declining by 6.23% as of January 24, 2025. This performance marks a notable underperformance against its sector, which has seen an overall decline of 3.13%.
The stock opened with a gap down of 4.6% and reached an intraday low of Rs 994.05, reflecting a drop of 9.37% at its lowest point. Over the past two days, Tejas Networks has faced consecutive losses, accumulating a total decline of 6.47%.

In terms of moving averages, the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day averages, indicating a bearish trend. Over the past month, Tejas Networks has recorded a decline of 14.24%, contrasting sharply with the Sensex, which has only fallen by 2.40%. This performance highlights the challenges faced by Tejas Networks in the current market environment.