Web Exclusive Premium
In the first quarter (Q1) of 2022-23 (FY23), the IT industry’s performance was largely below expectations, with shrinking profit margins and all-time high attrition levels
The Nifty IT has been one of the worst-performing indices on the bourses this calendar year. Rising concerns of a potential global recession, which investors fear can dampen demand for export-facing domestic information technology (IT) giants, have sent the index down over 30 per cent on a year-to-date basis.
By comparison, the Nifty50 Index has shed 2.8 per cent during the period, reveals data by ACE Equity. Top losers from the index include Wipro, Tech Mahindra (TechM), Coforge, and Mphasis, which have corrected 38-44 per cent so far during this period.
Analysts now view the pack as a good contrarian
First Published: Sep 28 2022 | 12:30 PM IST