Loading... recession? 6 market bugs crash IT stocks, Rs 88,000 crore deleted
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India’s IT sector is in turmoil, with stocks plunging up to 33% from their peaks as mounting recession fears in the US, downgrades, and target price cuts rattle investors. The top 10 IT stocks have collectively lost Rs 88,000 crore in market value, dragging the Nifty IT index deep into bear territory. Tata Consultancy Services (TCS), India’s largest software services exporter, has seen its shares tumble nearly 23%, wiping out about Rs 3.7 lakh crore in investor wealth. Out of the top 10 IT stocks, eight are in a bear grip, including Infosys, HCL Tech, and Tech Mahindra. LTIMindtree has been the hardest hit, plunging 33%, while Wipro has fared the best among the lot but is still down 16%. While Q3 earnings offered a brief respite, the landscape has since darkened. Escalating tariff wars, stubborn inflation delaying U.S. Fed rate cuts, and rising recession fears have shaken investor confidence. The once-strong growth outlook for IT firms is...