Nifty IT Takes A 7% Hit On Trump’s Tariff Moves; Infosys, Coforge Lead Losses With 10% Drop – News18
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The Nifty IT index plunged seven percent in early trading on April 7, mirroring a global risk-averse mood that dragged down Indian equities.
IT Shares Fall Up To 10%
The Nifty IT index plunged seven percent in early trading on April 7, mirroring a global risk-averse mood that dragged down Indian equities.
Major IT services firms, which rely heavily on US revenue, saw sharp declines, with Infosys, TCS, and HCL Technologies leading the losses on the Nifty 50. By 9:15 am, the Nifty IT was down seven percent, with mid-cap players like Mphasis and Coforge dropping 6-9 per cent, while Infosys slumped 10 percent.
The sell-off reflects growing concerns over sales growth, as Indian IT companies depend significantly on US-bound services exports. With fresh tariffs imposed, deal wins from American clients are expected to slow, potentially hurting these firms’ top-line performance.
