Concord Biotech, CarTrade and Tejas Networks Lead Gainers; TCS and Infosys Among Top Losers

Indian equity markets traded sharply lower on June 3, with benchmark indices witnessing broad-based selling pressure. The Nifty 50 declined 0.89% to 23,274.25, while the Sensex slipped 1.06% to 73,856.66 in early trade. Rising crude oil prices, concerns over the impact of artificial intelligence on the IT sector, and weak global cues weighed on investor sentiment. Despite the weak market environment, a handful of stocks delivered strong gains, while major IT companies emerged among the biggest losers.

Concord Biotech Surges on USFDA Approval

Concord Biotech emerged as the top gainer among Nifty 500 stocks, with its shares rising nearly 9%. Trading activity surged significantly, with NSE volumes touching 31.10 lakh shares compared with the 30-day average of 2.87 lakh shares.

The rally was driven by the company's announcement that it had secured approval from the US Food and Drug Administration for its Abbreviated New Drug Application (ANDA) for Mycophenolate Mofetil for Oral Suspension USP, 200 mg/mL. The immunosuppressant drug addresses an estimated US market opportunity of approximately $30 million. Investors viewed the approval as a key milestone that strengthens the company’s product portfolio and expands its growth prospects in the US market. The gains were particularly notable as the stock had previously corrected nearly 55% from its all-time high.

CarTrade Gains on Strong Financial Performance

CarTrade advanced around 8% and featured among the top gainers in the Nifty 500 index. Trading volumes remained strong, with 14.77 lakh shares changing hands on the NSE against a 30-day average of 7.2 lakh shares.

Investor confidence was supported by robust quarterly and annual financial performance. The company reported a 20% year-on-year increase in revenue to ₹203 crore during the fourth quarter. EBITDA rose 55% to ₹72 crore, while EBITDA margin expanded by 800 basis points to 35%. Net profit climbed 54% to ₹71 crore.

For FY26, CarTrade delivered 21% growth in revenue, 70% growth in EBITDA and 68% growth in net profit. Further boosting sentiment, management outlined its ambition to increase net profit from ₹243 crore in FY26 to ₹1,000 crore over the next four to five years.

Tejas Networks Rallies on Improving Order Book

Tejas Networks gained more than 8% amid strong investor interest, with NSE volumes rising to 1.4 crore shares, nearly double its 30-day average of 73.5 lakh shares.

The rally followed signs of operational improvement in its latest earnings. Revenue increased 8% sequentially to ₹333 crore in the fourth quarter. EBITDA losses narrowed to ₹219 crore from ₹239 crore in the preceding quarter. The company’s order book expanded to ₹1,514 crore, compared with ₹1,329 crore in the December quarter and ₹1,019 crore a year earlier. Management expects a substantial portion of these orders to be executed during FY27, supporting future revenue growth despite ongoing losses.

TCS and Infosys Lead Losers

Among the biggest laggards, Tata Consultancy Services (TCS) plunged 8.62% to ₹2,236. The decline came amid a broader sell-off in technology stocks as investors reassessed the long-term implications of artificial intelligence on traditional outsourcing and software services businesses.

Infosys also faced heavy selling pressure, falling 4.08% to ₹1,219. Similar concerns regarding AI-driven disruption and uncertainty over future demand for conventional IT services weighed on sentiment. The broader Nifty IT index recorded its steepest decline in months as investors reduced exposure to the sector.

Market Outlook

While the broader market remained under pressure from macroeconomic concerns and weakness in technology stocks, Concord Biotech, CarTrade and Tejas Networks stood out with strong gains driven by regulatory approvals, earnings growth and improving business fundamentals. In contrast, TCS and Infosys led the losers’ list as concerns over artificial intelligence and its potential impact on the IT services industry continued to weigh on investor sentiment.