IT Shares Fall for 6th Session; Coforge, Infosys, TCS Slide

stocks remained under pressure for the sixth straight session, with Coforge, Infosys and TCS among the major laggards. The sell-off was driven by broader market weakness, rising crude oil prices and renewed concerns over US interest rates, while Coforge faced additional pressure after its chairman resigned following concerns raised by an internal audit. The Nifty IT index fell around 3%, with Coforge declining as much as 6% in early trade. Coforge Chairman Om Prakash Bhatt resigned with immediate effect after an internal audit raised concerns regarding the company's board evaluation process. The development added to investor concerns around corporate governance and leadership stability. Broader macro concerns also weighed on the sector. Brent crude moved towards $100 per barrel amid escalating Middle East tensions, raising concerns over inflation and the possibility of tighter US monetary policy. Since Indian IT companies generate a significant portion of their revenue from overseas markets, renewed US rate-hike expectations have added to the cautious sentiment around technology stocks.