Bengaluru, June 29 -- Persistent Systems Ltd's shares opened 8% lower on Monday, hitting a two-year low, after the Pune-based IT services firm announced its biggest acquisition since listing in 2010 over the weekend.

At least four brokerages have raised concerns about Persistent's $1.3 billion acquisition of Nagarro, flagging the German IT firm's muted growth outlook and intense competition in the enterprise resource planning (ERP) services market.

The company announced the Indian IT industry's second-largest acquisition on Saturday, expecting the deal to propel it past Mphasis Ltd and Coforge Ltd to become India's seventh-largest IT services company, with combined annual revenue of about $2.9 billion.

Persistent ended 2025-26 with a r...