TCS, HCL Tech, Infosys, Wipro among top IT losers as Nifty IT tumbles 24% in 2026 

IT stocks have lost favour in 2026 on fears of AI-led disruption to the industry, US-Israel and Iran war and subdued quarterly and fiscal earnings. Subsequently, the Nifty IT index slipped 24% with its constituents such as TCS down 33%, HCL Technologies falling 30%, Infosys falling 27%, Wipro shares slipping 31% and Tech Mahindra stock losing 7% in 2026. 

Other IT stocks such as LTI MindTree (34%), HCL Tech (30%), Persistent Systems (20%)  and Mphasis (17%) were the trading in the red on Monday as Iran and Israel traded fresh attacks on each other weakening peace talks and ceasefire reached in April. 

In terms of AI disruption, developments in the US economy often carry greater significance for Indian IT firms than for many other export-oriented industries, making the sector particularly sensitive to trends in American enterprise spending and digital transformation investments.

Indian IT firms earn over 50% of their revenue from the US. This turned sentiments around the IT stocks weak today. 

The weakness in the IT stocks led the Nifty IT index to fall 300 pts to 28,712 in the current session. 

BSE IT index also fell 300 pts to 27,919, making the sector among the top losers on Dalal Street today. 
 

Meanwhile, PL Capital has a 'Buy' rating on TCS stock with a target price of Rs 3,450 per share.  

Infosys Ltd another IT major has received a 'Buy' call with a target price of Rs 1,570 per share. 

Tech Mahindra shares also have a 'Buy' call with a target price of Rs 1,660 from PL Capital.  

Other IT shares such as Persistent Systems ('Buy' call with a target price of Rs 6,400) and Mphasis shares with a target price of Rs 3,000 are also among PL Capital's top picks. Another IT stock stock Coforge received a 'Buy' call with a target price of Rs 2,020 a share.