IT stocks crash as Coforge leads selloff; Infosys, Tech Mahindra, HCL Tech, TCS slide
The Nifty IT index fell nearly 3.6 per cent to 28,779.80 from its previous close of 29,883.45.
IT stocks experienced a significant sell-off on Wednesday, leading to a broader market decline as Coforge suffered a sharp drop following the resignation of its chairman and independent director, O P Bhatt. The Nifty IT index plunged nearly 3.6% to 28,779.80, while the broader Nifty 50 index fell 168 points to 23,466.65. All IT counters were in the red, with Coforge leading the decline at 8.6%.
Foreign fund outflows and global uncertainty concerns added to investor sentiment, as crude prices remained high, and the Fed's hawkish expectations persisted. Despite stronger-than-expected US jobs data, IT stocks remain vulnerable due to potential tighter monetary policy and concerns over AI-driven deflation.
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