Market crash: Top 3 IT firms lose $31 bn in a fortnight amid virus scare

Stock market crash: TCS sheds $21 billion in market capitalisation, Infosys $7 billion and Wipro around $3 billion


M-Cap of India’s largest IT services player Tata Consultancy Services (TCS) dropped by Rs 1.45 trillion | Photo: Shutterstock

Debasis Mohapatra Bengaluru
Top three IT services firms of the country lost a combined market capitalisation (m-cap) of around $31 billion in the past fortnight as coronavirus continued to roil the stock market.

Given the global spread of the virus, the fall in m-cap is not limited to India as all global IT services majors, including IBM, Accenture and DXC Technology have also witnessed fall in their market capitalisation.

From March 2 until Tuesday (March 17), m-cap of India’s largest IT services player Tata Consultancy Services (TCS) dropped by Rs 1.45 trillion (around $21 billion) as investors sold their positions in anticipation of demand slowdown. Similarly, country’s second-largest IT firm Infosys saw its m-cap drop by around Rs 70,000 crore (around $7 billion)

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First Published: Mar 17 2020 | 10:12 PM IST

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