TCS, Infosys to Wipro: IBM's worst crash since 1968 rattles Indian IT stocks. Here's what spooked investors
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IBM suffered its biggest single-day crash since 1968, plunging 25.21% and erasing nearly $70 billion in market capitalisation, after its preliminary Q2 2026 results missed Wall Street estimates on revenue of $17.2 billion versus $17.9 billion expected and adjusted EPS of $2.93 versus $3.01 expected. The weakness spilled over to Indian IT stocks, with the Nifty IT index falling about 2% as TCS declined around 2% and Infosys, Wipro, Persistent Systems and LTIMindtree dropped over 1% each. IBM flagged that enterprise clients are redirecting technology budgets towards AI infrastructure such as servers, storage and memory chips rather than software, raising demand concerns ahead of Indian IT majors quarterly earnings.