India, March 19 -- The central bank cited persistent inflationary pressures amid rising geopolitical tensions in the Middle East and uncertainty around tariff policies.
The Nifty IT index fell 2.51% to 28,817.50 and is now down 28.50% from its 52-week high of 40,301.40.
Among major losers, Infosys and Oracle Financial Services Software dropped 2.87% each, while Coforge declined 2.83%. Tech Mahindra fell 2.74%, Mphasis slipped 2.73%, and TCS lost 2.44%. Persistent Systems declined 2.39%, Wipro fell 2.35%, HCL Technologies dropped 2.24%, and L&T Technology Services eased 1.19%.
The weakness in IT stocks comes as the sector derives a significant portion of its revenue from the US market. Elevated inflation raises concerns of reduced discreti...