Nifty IT falls 1.22% to 32,468.90 as Mphasis drops 2.73%
Business
On Monday, the Nifty IT index dropped 1.22% to 32,468.90, making it the day's weakest sector in India, even though global AI and chip stocks were recovering elsewhere in Asia.
Big names like Mphasis, HCL Technologies, and Infosys all saw their shares slide, with Mphasis taking the hardest hit, down 2.73%.
Wipro, Persistent Systems post small gains
While most Indian IT stocks struggled, Wipro and Persistent Systems managed small gains by the end of the day.
The broader drop reflects ongoing concerns about how well Indian IT firms can actually cash in on AI trends and deal with clients cutting back on software upgrades.