Persistent Systems, Coforge, L&T Technology Services, Tata Elxsi Share Price Tumble as Stock Market Today Sees Midcap IT Sell-Off

Midcap IT stocks cracked sharply in the stock market today, and this time, the pressure wasn’t limited to large caps. The selling spilled deeper into the broader IT pack.

By noon trade, Persistent Systems, Coforge, L&T Technology Services, Tata Elxsi share price were all trading in the red — and not mildly. The cuts were steep. Sentiment was clearly risk-off.

Let’s break it down calmly and clearly.

Market Performance: Midcap IT Stocks Take a Hard Hit

The broader mood in the stock market today remained cautious. But what stood out was the sharper fall in midcap IT counters compared to frontline names.

While the Nifty IT index slipped over 5%, the real pressure showed up in mid-sized technology stocks.

Key declines during intraday trade:

• Persistent Systems fell 7.7% to ₹4,595
• Coforge dropped 6.6% to ₹1,203.6
• L&T Technology Services declined 5.6% to ₹3,245.4
• Tata Elxsi share price slipped 5.2% to ₹4,466

The correction wasn’t isolated. The weakness spread across the broader IT midcap basket.

Selling Pressure Extends Beyond Top Names

It wasn’t just the headline names. The damage ran wider.

Other midcap IT stocks also traded lower:

• KPIT Technologies down 4.9% to ₹773
• Tata Technologies fell 4.7% to ₹572.45
• Hexaware Technologies slipped 4.5% to ₹480.9
• Inventurus Knowledge Solutions dropped 5.3% to ₹1,460.6

When a sector-wide sell-off happens like this, it signals something more structural than stock-specific moves.

And that’s exactly what played out in the stock market today.

Why Did Persistent Systems, Coforge and Others Fall?

The pressure building across IT stocks is linked to one core theme — artificial intelligence-led disruption.

There is growing concern that rapid advances in AI could reshape traditional IT services models.

Recent developments around AI tools reducing the cost and complexity of legacy software modernisation have intensified these worries. The fear is simple:

• If automation rises
• If software upgrade cycles get faster
• If manual-intensive services shrink

Then revenue streams in traditional managed services could face pressure.

This narrative weighed heavily on IT stocks, especially valuation-sensitive midcaps like Persistent Systems, Coforge, L&T Technology Services, Tata Elxsi share price.

Midcaps Feel the Heat More Than Large Caps

Interestingly, even though frontline IT stocks were under pressure, the cuts were deeper in midcap names.

Large-cap peers like:

• TCS
• Infosys
• HCL Technologies
• Tech Mahindra

were trading lower by around 4–7%.

But midcaps fell as much as 8% intraday.

That tells you where the market nervousness is concentrated.

Midcap IT stocks tend to react more sharply in uncertain phases because:

• They carry higher growth assumptions
• Valuations are more sensitive
• Liquidity reactions are faster

And in a risk-off environment, this combination amplifies the decline.

Persistent Systems Share Price in Focus

Among all midcaps, Persistent Systems was one of the top losers on the BSE Midcap index.

• Share price dropped 7.7%
• Touched ₹4,595 intraday

The fall mirrors the broader IT narrative rather than any company-specific development. In phases like this, sentiment drives price before fundamentals even enter the conversation.

Coforge Share Price Slides Sharply

Coforge also faced heavy selling pressure.

• Down 6.6%
• Trading at ₹1,203.6

Again, this isn’t an isolated reaction. The broader midcap IT sell-off dominated price action across counters.

L&T Technology Services and Tata Elxsi Share Price Under Pressure

Engineering and R&D-focused players were not spared.

• L&T Technology Services slipped 5.6% to ₹3,245.4
• Tata Elxsi share price declined 5.2% to ₹4,466

The reaction shows that the street is reassessing the technology sector’s near-term growth visibility.

When the sector sentiment turns negative, almost every related name feels the tremor.

Stock Market Today: Sector Repricing in Motion

The stock market today reflected a broader repricing across IT stocks.

The key trigger remains the increasing debate around how artificial intelligence could alter traditional revenue models in IT services.

What’s happening now is not panic. It’s recalibration.

Investors are revisiting:

• Growth visibility
• Business model sustainability
• Revenue mix sensitivity

And midcap IT stocks are bearing the brunt of that reassessment.

Company Snapshot: Key Names in the Sell-Off

Here’s a quick look at the companies that led the intraday decline:

Numbers tell the story clearly.

Summary: Midcap IT Stocks Bear the Brunt in Stock Market Today

To sum it up:

• Midcap IT stocks fell 4–8% intraday
• Persistent Systems and Coforge led the losses
• Large-cap IT stocks also declined, but losses were comparatively milder
• AI-led disruption concerns continued to weigh on sentiment
• Broader risk-off mood deepened the sell-off

The tone in the stock market today was cautious.

For now, midcap IT counters like Persistent Systems, Coforge, L&T Technology Services, Tata Elxsi share price remain at the center of sector-wide volatility.

And when sentiment drives the narrative, price moves quickly.

That’s exactly what unfolded today.

Source: Moneycontrol