The Indian IT sector's brutal correction has crossed a grim milestone, with the four largest stocks in the pack — TCS, Infosys, Wipro and LTIMindtree — now down at least 50% from their respective all-time highs. The carnage has erased nearly Rs 19.28 crore in combined market capitalisation across 10 major IT companies from their peak values, with both TCS and Infosys trading at their lowest levels since 2020.
TCS, the country's largest IT services firm, has been hit the hardest. The stock has crashed about 56% from its all-time high of Rs 4,592.25 hit on August 30, 2024, to Rs 2,033 on Tuesday. This single stock has seen its market cap shrink from a peak of Rs 16,47,586.60 crore to Rs 7,35,557 crore, a wealth erosion of over Rs 9.12 lakh crore.
