Shares of India’s largest information technology firms fell sharply on Monday, with declines reaching up to 3% across the sector.
Infosys, Tata Consultancy Services, Wipro, and HCL Technologies all posted losses as selling pressure from global tech markets spilled over into Indian equities.
37%. Large-cap technology stocks bore the brunt of the selling pressure in the US, a dynamic that has now extended to their Indian counterparts.
Infosys emerged as the worst performer among the group, leading the decline.
The broad-based weakness reflects a continuation of the sell-off that gripped US markets in the previous session, where the Nasdaq Composite dropped 1.32% and the S&P 500 retreated 0.37%.
Large-cap technology stocks bore the brunt of the selling pressure in the US, a dynamic that has now extended to their Indian counterparts.
The move underscores the high correlation between Indian IT exporters and global tech sentiment.