The Nifty IT index tumbled to a three-year low on Tuesday, closing at 26,299 after shedding 2.73% in a session that saw the benchmark dip to 26,208.50 intraday.
The decline marks the index's weakest performance since April 2023, underscoring the severity of the ongoing correction in India's technology sector.
The index has now fallen approximately 30% year-to-date, reflecting sustained investor caution toward IT equities.
The sell-off was broad-based, with only one component, Persistent Systems, managing to post gains amid the widespread selling pressure.
The index has now fallen approximately 30% year-to-date, reflecting sustained investor caution toward IT equities.
This sharp decline contributed to broader losses across Indian equity markets, where the benchmark Sensex slid more than 520 points and the Nifty 50 breached the critical 24,000 support level.
Analysts attribute the sector's underperformance to a combination of cautious client spending and lingering economic uncertainties.