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IT services companies are having a tough time on the bourses, with top stocks plunging up to 33% from their peaks amid fears sparked by the outlook for the US economy, rating downgrades, and target price cuts.
Eight of the top ten IT stocks have entered bear market territory, including Infosys, HCLTech, and Tech Mahindra.
LTIMindtree experienced the most significant drop from peak levels, falling 33%, while Wipro, though performing relatively better, still saw a 16% decline.
Free fall
The BSE’s IT index has fallen as much as 19% since January. As of…
