While shares of Wipro have plunged 38% in a year, Infosys stock has lost 22.29% during the period. Stock of another IT behemoth TCS is down 14.23% in a year.
The correction in Indian IT stocks such as Wipro, Infosys and TCS this year has left investors confused about the positions they should take to achieve maximum returns from their portfolios. Among the three IT bellwethers, Wipro stock has slipped the most, declining 45% this year. Wipro shares which closed at Rs 715.20 on December 31, 2021 were trading at Rs 394.95 in the current session. On the other hand, Infosys stock has lost 18.19% and shares of TCS have tumbled just 11.45% in 2022. In a time-span of one year too, Wipro has emerged as the top loser falling 38%, followed by Infosys (11%) and TCS (7.3%).
Shares of IT majors Infosys, Wipro and TCS have recovered up to 20% in from their 52-week lows with the equity market erasing losses during the last two months. While Infosys has recovered 20%, stock of Wipro has risen 8.33% from its 52 week low. Shares of TCS too have climbed 15.58% from their yearly low. The recovery in IT stocks comes on the back of slowing down of interest rate hike cycle in the US. The three IT majors cater to clients worldwide and relief on interest rate hike front in the US sparked a rally in the IT stocks.
Shares of IT majors Infosys, Wipro, and TCS hit their fresh 52-week lows today 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 on the verge of a recession which in turn has roiled sentiment in markets worldwide. Shares of Indian IT companies, which earn a majority of revenue from global clients, have taken a beating this year as the earnings outlook during the looming global recession 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. While Infosys is down 21.52 per cent, stock of Wipro has plunged 44.81 per cent during the period. Shares of TCS are down 22.51 per cent in a year.