A brutal selloff swept through IT stocks on Friday, but Infosys bore the brunt of the carnage. Shares of the IT major plunged 9% to Rs 1,030 on the BSE, their lowest level since October 6, 2020, wiping out nearly Rs 40,000 crore in market capitalisation within minutes. The sharp decline came a day after Accenture lowered the upper end of its annual revenue growth forecast, reigniting concerns over weakening discretionary technology spending.
The sharp reaction was hardly surprising. Infosys ADRs had tumbled 10% overnight in the US, setting the stage for a steep correction in domestic markets.
