India's IT index falls to three-year low on weak earnings outlook, demand worries
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India's Nifty IT index dropped 3.6% to a three-year low due to weak earnings outlook and concerns over declining demand for traditional IT services. Analysts at HSBC noted that the earnings and fiscal outlooks for Q4 and 2027 from major IT firms fell short of expectations. They warned that rising global AI spending might overshadow traditional IT services. Major Indian IT companies like Tata Consultancy Services, Infosys, HCL Technologies, and Wipro saw their shares decline by 2.5% to 4%.
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