Market Crash: Top 3 IT Firms Lose $31 BN in a Fortnight Amid Virus Scare | In the News

Top three IT services firms of the country lost a combined market capitalisation (m-cap) of around $31 billion in the past fortnight as coronavirus continued to roil the stock market.

In a note, global consulting firm Everest Group said the situation was likely to continue until June 2020. “We believe this situation is going to disrupt one quarter of demand-related revenue growth (quarter ending June 2020) with some tail beyond,” said Peter Bendor-Samuel, founder and chief executive officer of outsourcing advisory firm Everest Group. With such demand slowdown, IT firms across the board will face severe pricing pressure in the current year, even if the outbreak was contained, he added.

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