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Information technology (IT) stocks plunged on Wednesday, mirroring a slide in the tech-heavy Nasdaq Composite of the US a day earlier after hotter-than-expected inflation data triggered risk-off bets.
The Nifty IT index fell 3.4 per cent, with all its 10 components ending with losses. A downgrade by Goldman Sachs also dampened sentiment towards tech stocks, which have been reeling from selling pressure this year.
On a year-to-date basis, the index is down 27.3 per cent, even as the Nifty50 index is up close to 4 per cent. The sharp underperformance is because of concerns that companies might scale back their IT budgets
