IT Stocks
IT stocks slide up to 7% after US tech sell-off, Rs 1.5 lakh crore erased
Mumbai/IBNS: Share prices of major IT stocks plunged by as much as 7 per cent in early trade on Tuesday, tracking a sharp overnight sell-off in software stocks in the United States, media reports said.
The stocks fell sharply amid renewed concerns over the long-term viability of their business models, CNBC-TV18 reported.
Heavyweights including TCS, Wipro, Infosys, Tech Mahindra, Persistent Systems, Coforge and HCLTech were among the worst hit, with several stocks dropping over 6 per cent in early trading.
The rout wiped out nearly Rs 1.25 lakh crore in market capitalisation from the Nifty 50 index.
IT stocks decline (%)
Wipro: down 5.11%
Infosys: down 6.15%
TCS: down 5.22%
Tech Mahindra: down 6.04%
HCLTech: down 6.15%
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