A brutal combination of demand deceleration, structural disruptions from artificial intelligence, and geopolitical headwinds has triggered a massive sell-off in Indian IT majors. A disappointing revenue guidance cut from global tech bellwether Accenture Plc sent shockwaves through Dalal Street, wiping out a staggering Rs 1.35 lakh crore in investor wealth in a single session.
The combined market capitalization of all Nifty IT stocks tumbled to Rs 21.57 lakh crore as the Nifty IT index crashed 6%. Infosys was the top loser, falling over 8%. Mphasis, TCS, Tech Mahindra, LTIMindtree, HCL Tech and Persistent were all down 5-6% each. At day's low, TCS shares hit its lowest level since June 2020 while Infosys was at its lowest not seen since October 2020.
