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Indian bluechip stocks underperform, led by Wipro's 36% downturn

EditorAmbhini AishwaryaStock Markets
Published Sep 29, 2023 17:16
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In a challenging period for Indian bluechip stocks, Wipro (NYSE:WIT) led the IT sector's downturn with a significant 36% loss, as noted on Friday. The decline comes amid a broader slowdown in COVID-driven growth that has also affected other prominent IT companies. Infosys (NS:INFY) and TCS have recorded losses of 15% and 6.5%, respectively.

The financial sector is also feeling the pressure. Kotak Mahindra Bank and Bajaj Finserv reported a 13% loss, while HDFC Life Insurance experienced a dip in share price by 10%. Reliance Industries, another heavyweight in the market, has seen its share price decline by 6%.

The paint industry hasn't been spared either. Asian Paints and Berger Paints have registered losses of 4% and 13%, respectively.

Overall, the performance of these blue-chip stocks has failed to keep pace with the Nifty, with as many as 158 of BSE500 counters yielding negative returns over the past two years.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Indian bluechip stocks underperform, led by Wipro's 36% downturn
 
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