The Nifty IT index slumped more than 2% to hit a fresh 52-week low of 26,425.85 on Tuesday, as concerns over persistent inflation fuelled expectations that the US Federal Reserve could raise interest rates at least three times this year.
Among individual stocks, LTI Mindtree fell around 3%, while Wipro, Infosys and Tata Consultancy Services (TCS) declined over 2% each. HCL Technologies slipped around 2%, while Mphasis, Tech Mahindra, Coforge and Persistent Systems traded with marginal losses.
