On Monday, Indian equity indexes began down due to a poor fourth-quarter results report from the top two IT giants and increased probabilities of a US Federal Reserve rate hike in May.
As a result The Nifty IT index plummeted more than 6% in early trade. As projections of a poor fourth quarter for IT materialised, Infosys’ share price fell 14.6% from Thursday’s closing price to an intraday low of Rs 1,185.3. TCS share prices fell for a second day as the IT behemoth’s fourth-quarter net earnings fell short of market expectations.
the prognosis for India’s IT services sector would deteriorate even worse over the following six months before bottoming out. “Uncertainty in the US and EU region, coupled with pricing pressure, would lead to a challenging FY24.
After the results were revealed, Infosys’s shares fell 11% in New York trade on Thursday and Friday. Friday was a holiday in India, therefore the markets were closed. A sub-index of Indian IT companies fell 7.6% on Monday, the worst intra-day drop in more than three years.