Nifty IT dips 3%; Coforge, LTI fall up to 9%; here's what's worrying Street

According to analysts, IT companies have lost their sheen after March quarter results highlighted slowdown in deal momentum, and margin pressure

Shares of IT companies were leading the list of losers on the bourses on Friday after tech-heavy Nasdaq Composite index in the US witnessed its worst single-day sell-off in 2022 overnight on Thursday.

The Nifty IT index plunged 3.2 per cent on the National Stock Exchange (NSE), and was the worst hit index amid a broad-based sell-off. Individually, all 10 index constituents were down in the dumps led by Coforge (down 9 per cent), Mindtree (5 per cent), LTI (4.8 per cent), and LTTS (4.4 per cent). Large-caps like Tech Mahindra, Wipro, Infosys, TCS, and HCl Tech declined between 1.6 per