: Which Stock Should you Buy as IT Giants Hit 52-Week Low?
While Infosys shares are down 21.52%, stock of Wipro has plunged 44.81% during the period. Shares of TCS are down 22.51% in a year.
Shares of IT majors Infosys, Wipro, and TCS hit their fresh 52-week lows on Monday as Indian markets tanked in line with global equities.
High interest rates in the US and other major economies to tame inflation have brought the global economy.
Shares of Indian IT companies, which earn a majority of revenue from global clients, have taken a beating this year as the earnings turns grim.
The shares of the three IT majors, which cater to clients worldwide, have fallen up to 45 per cent in the last one year.
On a year-to-date basis, the three IT stocks have lost up to 30 per cent during the period.
The dark sentiment in the US market was reflected in the Indian market today. Sensex tanked up to 1,060 points to 57,038 and Nifty lost up to 349 pts intra day.
However, the three IT shares closed up to 1.06 per cent higher as the Indian rupee fell to an all-time low of 81.52 spooked by the rise in the dollar index.
A global rout in technology stocks has led to a sharp fall in Indian IT stocks including Infosys, Wipro and TCS which are at their one year lows.