IT stocks plunge as investors lock in gains before US Fed rate decision, Nifty IT drops 3.7%

Indian IT stocks experienced a sharp sell-off in Wednesday’s trade, leading the Nifty IT index to plunge by 3.7% to 41,820 points, falling below the 42,000 mark for the first time since September 9.

This decline has pushed the index to a two-week low. All 10 constituents are currently trading with significant losses, with MphasiS emerging as the biggest loser, dropping 5.6%. L&T Technology Services, Persistent Systems, Tata Consultancy Services, HCL Technologies, and Tech Mahindra followed closely, each trading with losses ranging between 3% and 4%.