Indian IT exporters have seen their stock valuations drop to levels last seen during the 2008-09 subprime crisis. The companies now trade at price-to-earnings multiples of 15 to 18 after losing nearly 30 percent in 2026. AI advancements and new competition are cited as key drivers of the decline.
Indian IT exporters including Infosys, Tata Consultancy Services, HCL Technologies and Wipro have experienced sharp declines in market value. Their valuations now sit close to those recorded in the 2008-09 financial crisis period, with shares trading at 15-18 P/E multiples.
