© Reuters.
In a challenging period for Indian bluechip stocks, Wipro (NYSE:) 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:) 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.
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