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

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