Mumbai, April 24 -- The Nifty IT index tanked 5.35% to 28,512.95. Among major stocks, Infosys declined 6.92%, Mphasis fell 6.02%, Coforge dropped 5.98%, and Persistent Systems slipped 5.74%. L&T Technology Services was down 5.00%, while TCS fell 4.91%, Tech Mahindra declined 4.67%, HCLTech dropped 4.05%, and Wipro slipped 1.78%.

Infosys guided for revenue growth of 1.5%-3.5% in constant currency terms for FY27, lower than its earlier guidance of 3.0%-3.5%, while maintaining its operating margin outlook at 20%-22%.

Adding to the concerns, the total contract value (TCV) of large deal wins fell to $3.2 billion in Q4 FY26 from $4.8 billion in Q3 FY26, indicating softer deal conversion and pipeline visibility.

The sector's weakness also ref...