Big fall in IT stocks led by HCL Tech, increased market concern

IT Sector Share Crash: There has been a big fall in the Indian stock market on Friday and the reason for this is the country’s IT sector. Under the leadership of HCL Tech, there has been a big decline in the shares of the IT sector. HCL Tech has seen a decline of 7 percent. So Nifty IT saw a decline of 1000 points i.e. 3.33 percent. Actually, in view of the global economic situation, there has been a decline in the IT sector.

Earnings may decrease

HCL Tech’s management has reduced its earnings guidance. In the analyst call in New York, the company said that the lower end of its growth rate estimate for the second quarter could be in the range of 13.5 to 14.5 percent. The company says that this crisis can last for a long time.

Impact of global crisis on IT companies

News Reels

Big orders are received from the IT companies of the country from America, Europe. But the economic condition there is not good. There is talk of a recession in America next year. In such a situation, it is obvious that it can have an impact on Indian IT companies as well.

Big fall in IT stocks

After the management call of HCL Tech, the entire IT stocks saw a decline. HCL Tech fell 7 per cent to Rs 1,020. This is the biggest fall in the shares of HCL Tech in the last 6 months, as well as the stock has come down 21 percent in 2022. So Tech Mahindra is trading with a decline of 4.59 per cent, L&T Technology 3.53 per cent, LTIMindtree 3.43 per cent, Infosys 3.35 per cent, Wipro 2.80 per cent, TCS 2.06 per cent. There is also a big decline in midcap IT stocks. Birlasoft 4.51 per cent, Mphasis 4.12 per cent, Persistent 3.68 per cent, Mastek 3.39 per cent declined in midcap IT stocks.

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