Top five Indian IT services stocks plunge amid bloodbath in markets today

Feb 22, 2021

By: Prabhjote Gill

Indian markets dropped by over 2 percent marking the fifth day of massive sell offs

Among the heavyweights like RIL and HDFC were IT services bigwigs TCS and Infosys.

Credit: Business Insider India

Sensex plunged 1,145 points and Nifty dropped below 14,700

Volatility in markets zoomed to 15 percent, which is the highest it has been since last year.

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Indian IT service stocks were among the top losers as Nifty IT saw a fall of 2.89 percent

The only other sectoral index to see a bigger loss was Nifty Media, which fell by 3.42 percent.

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Tech Mahindra

It was the worst underperformer, among IT services stocks, plunging 4.68 percent.

Credit: IANS

Tata Consultancy Services

India’s largest IT services company was the second-worst hit, dipping by 3.79 percent.

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HCL Technologies

The Noida-headquartered firm saw its stock prices fall by 3.32 percent.

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Its shares fell by 2.80 percent, and were trading at ₹918.60 a piece as markets closed.

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The market runner up lost the least in today’s plunge with its stock price down just over 2 percent.

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Mid-cap stocks were also hit

MindTree took a massive hit of 4.81 percent and Coforge’s share price was down 3.74 percent.

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Swiss investment banking firm UBS took a cautious stand on IT companies

It maintained a ‘neutral’ rating for Infosys and TCS, while upgrading Wipro and downgrading HCL Tech.

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