Stock Market Crash
The three
most top and prominent IT service firms of the country had
a combined loss of market capitalization of around $31
billion in the fortnight as corona virus continues to affect the stock market.
The market capitalization have also witnessed the global service majors like
IBM, Accenture and DXC Technology.
It's not just stocks in India but markets all over the world that continue to remain volatile has been affected by the corona virus outbreak.
It's not just stocks in India but markets all over the world that continue to remain volatile has been affected by the corona virus outbreak.
India’s largest IT
services player Tata Consultancy Services (TCS) dropped by Rs1.45 trillion
(around $21 billion). Country’s second-largest IT firm "Infosys" saw its market
capitalization drop by around Rs70,000crore. In case of Wipro, market capitalization
fell by around Rs26,000 crore (around
$3.7 billion).
Globally, the phenomenon is also not different. DXC Technology is the fourth-largest IT services firm globally and its market capitalization fell to around $3 billion.
Gartner, global research firm said that global spend on IT is likely to grow at 3.7 per cent in 2020. However, with major countries shutting down establishment to contain the virus, demand slowdown has now become a reality. Brokerages on D-Street have asked traders to make their moves smartly as the situation is currently too volatile. They have also asked investors to stay calm and not indulge in panic selling. However, that’s what seems to be happening in markets around the world despite assurances by central banks around the world.
Globally, the phenomenon is also not different. DXC Technology is the fourth-largest IT services firm globally and its market capitalization fell to around $3 billion.
Gartner, global research firm said that global spend on IT is likely to grow at 3.7 per cent in 2020. However, with major countries shutting down establishment to contain the virus, demand slowdown has now become a reality. Brokerages on D-Street have asked traders to make their moves smartly as the situation is currently too volatile. They have also asked investors to stay calm and not indulge in panic selling. However, that’s what seems to be happening in markets around the world despite assurances by central banks around the world.
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