Goldman cuts ratings on TCS, Infosys and Tech Mahindra
IT stocks slumped on Wednesday with the NSE IT index dropping 3.36% to 28,137.60. The benchmark Nifty fell 0.4% but managed to close above the psychologically crucial 18,000-mark. Higher-than-expected inflation reading in the US for August spooked sentiment as investors fretted that the US Federal Reserve might have to raise interest rates more aggressively to tamp down inflation, which is feared to result in a more prolonged slowdown.