Nifty IT plunges to 27,078, wiping out nearly ₹18Lcr value
Business
Indian IT stocks have crashed, wiping out nearly ₹18 lakh crore in market value.
The Nifty IT index dropped from 46,089 in late 2024 to just 27,078 by May 2026, valuations not seen since the global financial crisis.
This slump is mainly due to weak spending and slow earnings growth.
TCS loses over ₹8Lcr, peers tumble
Major players like TCS lost over ₹8 lakh crore, while Infosys plunged 45%, HCL Technologies and LTIMindtree dropped at least 40%.
With fears of AI shaking up traditional IT jobs and mutual funds cutting back on tech investments, the mood is cautious.
Still, a few investors are optimistic about a rebound: analysts say that despite short-term pain, there's potential for long-term growth if the sector adapts.