When IT firms returned cash to shareholders

The year also saw IT services firms face the reality of clients slashing budgets for traditional services and shifting it to digital and cloud

India’s top four IT services firms — Tata Consultancy Services, Infosys, Wipro and HCL Technologies — returned Rs 43,500 crore to shareholders through share buyback this year as they struggled to deploy cash to grow their business while facing their worst crisis in nearly a decade.
 
This is in addition to the $1.8 billion by Cognizant’s share buyback in two tranches as part of its commitment to return $3.4 billion to shareholders over two years under pressure from activist shareholder Elliott Management. The year also saw IT services firms face the reality of clients slashing budgets for traditional services