Indiska IT-värderingar sjunker till nivåer nära finanskrisen

Indiska IT-exportörer har sett sina aktievärderingar falla till nivåer som senast sågs under finanskrisen 2008-09. Företagen handlas nu till p/e-tal på 15 till 18 efter att ha tappat nästan 30 procent under 2026. Framsteg inom AI och ny konkurrens anges som de främsta orsakerna till nedgången.

Indiska IT-exportörer, däribland Infosys, Tata Consultancy Services, HCL Technologies och Wipro, har upplevt kraftiga fall i marknadsvärde. Deras värderingar ligger nu nära de nivåer som noterades under finanskrisen 2008-09, med aktier som handlas till p/e-tal på 15-18.

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The Nifty IT index fell more than 6% to a three-year low on concerns triggered by Accenture's lowered revenue forecast. Infosys shares dropped 9% to a near six-year low, erasing nearly Rs 40,000 crore in market value. Other IT stocks including TCS and HCLTech also declined sharply.

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BNP Paribas analyst Kumar Rakesh has cautioned investors against viewing largecap Indian IT stocks as a straightforward value play. He points to weak FY27 guidance, AI-led disruptions, and stalled client spending as major challenges. Buybacks and dividends offer some support, but earnings risks remain high.

JPMorgan has downgraded Indian equities to neutral from overweight. The bank warned that the Nifty index could fall to 20,500 in a bear-case scenario, implying a 15% downside from current levels. Near-term risks include elevated valuations and uncertainties from the Iran war and energy disruptions.

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Global fund managers are reconsidering exits from Indian stocks as falling oil prices and rupee stabilization reduce key concerns. Daily foreign selling has slowed while inflows into India-focused ETFs have turned positive. Analysts note that attractive valuations could support a market rerating if earnings growth holds.

 

 

 

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