Tepid growth outlook and new headwinds such as rupee appreciation have made mutual fund (MF) managers wary of the information technology (IT) sector.
Money managers, who have already been underweight on the sector, were seen further pruning their exposure to the country’s top IT stocks. Last month, investment managers liquidated shares worth Rs 1,550 crore in IT companies. The stand was vindicated after IT bellwether Infosys had a tepid March quarter and disappointed with its revenue guidance.
