TCS, Tech Mahindra And Other Tech Stocks Trade In Red Despite Hope For Sectoral Push From New Government

If there is any one element, that can define the 21st century, it is perhaps the facet of technology and the gargantuan advancements that the world has seen in this sector.

This surge, especially over the past two decades, has also seen the sector become a crucial aspect of the world of business as well.

Tech Stocks Under Pressure

Indian tech companies are no different, but these marquee tech companies have not had the best 2024, staying away from the limelight while manufacturing stocks excelled in their numbers at the stock exchange.

In a recent development, all the major IT stocks are trading in red, with an average decline of at least 1 per cent on the opening day of the new trading week, on Monday, June 10.

TCS, arguably one of the biggest tech companies in the country, has dropped 0.82 per cent or 32.25, taking the price of shares to Rs 3,861.70.

Bengaluru-based Infosys was no different, as it dropped by a massive 2.12 per cent or 32.45, pushing the price of individual shares to Rs 1,501.15.

HCL also dropped 0.96 per cent or 13.80, taking the price to Rs 1,417.70. Another Bengaluru-based company, Wipro also sees red, as its shares dropped to Rs 476.00, after declining by  1.76 per cent or 8.55.

Tech Mahindra Loses Big

Mumbai-based L&T Mindtree also dropped by 1.49 per cent or 74.00, taking its value to Rs 4,903.20 per share. However, Pune-based Tech Mahindra appears to be biggest loser of them all, as the value of the shares dropped by 2.80 per cent or 38.60, taking the cumulative value to Rs 1,339.00 per share.

This development comes despite the apparent push that the government is expected to give to technological companies and the sector at large, in the near future. In the recent past, the country's foray into the chip-making and semiconductor sectors has only consolidated the possibility of growth.

The newly sworn-in government at the centre is said to have technology and electronics at the top of its agenda, and this apparent downturn flies in the face of that hope of governmental investment in the sector.