Indian IT stocks slump as Infosys, Wipro hit fresh lows
Infosys and Wipro shares just hit fresh lows: Infosys slipped under ₹1,000 and Wipro reached its lowest in six years.
The whole Indian IT sector is having a rough time, with worries about AI-led disruption and companies facing muted earnings growth and weak guidance.
On Tuesday, September 29, Infosys dropped to ₹980 before bouncing back a bit, while Wipro slid 3% in one day and has lost 15% this month alone.
Infosys market value down ₹2.43L/cr
Infosys's value has crashed by ₹2.43 lakh crore this year, a 38% drop since February, bringing its market cap down to around ₹4 lakh crore from a high of ₹8.37 lakh crore.
That's tough news not just for the company but also for mutual funds that own big chunks of its stock.
With Infosys shares down over 50% from their peak and investors worried about the future, confidence in the sector keeps slipping as global factors add more uncertainty.