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Nifty IT index crashes over 4%; TCS, Infosys, LTI, LTTS plunge up to 6%

Global growth is expected to moderate from 6.1% in 2021 to 3.6% in 2022, driven by withdrawal of monetary accommodation in major economies, continued supply side shortages and economic damage from war

Nifty IT index slips over 4%; TCS, Infosys, LTI, LTTS down up to 6%
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SI Reporter Mumbai
Shares of information technology (IT) companies were under pressure on Monday with the Nifty IT index falling over 4 per cent on concerns of moderation in growth due to lower global growth outlook.

At 01:52 PM, the Nifty IT index was trading as the top loser among sectoral indices, and was down 4.25 per cent. In comparison,the Nifty50 was down 3 per cent. The IT index had hit a 52-week low of 27,423.80 on May 25, 2022 after a slew of foreign brokerage firms downgraded the IT sector and cut their target multiples.

The Nifty IT index has