M-Cap of India’s largest IT services player Tata Consultancy Services (TCS) dropped by Rs 1.45 trillion | Photo: Shutterstock
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)
First Published: Mar 17 2020 | 10:12 PM IST