India's IT stocks set for worst day in a month on U.S. growth worries

L&T Technology Services

24/02/2025 06:56

** India's IT stocks  .NIFTYIT  tumble 2.7%, set for biggest
one-day percentage drop in nearly a month
    ** IT index hits 7-month low on concerns over slowing growth
in the U.S., their biggest revenue, and FPI sell-off
    ** If situation worsens, IT spending could be curtailed by
U.S. companies, says Omkar Tanksale, senior equity analyst at
Vasuki India Fund
    ** Heavyweights TCS  TCS.NS , Infosys  INFY.NS , HCLTech
 HCLT.NS  and Wipro  WIPR.NS  down 2%-3%
    ** Smaller peers LTIMindtree  LTIM.NS , Mphasis  MBFL.NS 
and L&T Technology Services  LTEH.NS  drop 3.7%-5.2%
    ** Sharper sell-off in smaller IT firms due to valuation
worries, Tanksale says
    ** IT index is down nearly 9% already this year, as compared
to a 22% surge in 2024

 (Reporting by Vivek Kumar M)
 ((VivekKumar.M@thomsonreuters.com;))