New Delhi, Feb. 23 -- Indian IT stocks declined as much as 2.5% in Monday's trading session after brokerage firm Jefferies downgraded the sector, stating that the pain caused by artificial intelligence-triggered disruption is not yet over.

Among the IT pack, Mphasis emerged as the top loser, dropping 2.5% to Rs.2,314.30, followed by Infosys and Wipro, which fell nearly 2% each.

Other large-cap IT stocks, including LTIMindtree, Tata Consultancy Services, and HCLTech, declined by up to 1.2% during the intraday session on February 23.

Overall, the Nifty IT index lost 1.33% or 400 points today, taking the month-to-date fall to 19.5%. According to Jefferies, despite a 16% fall YTD, IT stocks still offer higher downside than upside. It lower...