The information technology (IT) sector is undergoing a tumultuous journey, marked by pronounced peaks and valleys that consistently make headlines due to factors such as quarterly earnings, significant layoffs, attention-grabbing senior leadership turnover and groundbreaking advancements in technologies, including artificial intelligence (AI).

The company informed the exchange, through its press release, that it has sold 5.45 per cent of its equity holding in Dev Accelerator Pvt. Ltd. ( DevX) , a managed co-working space business, at a valuation of 104 crore.

he company has provided multi-bagger returns of 1016.5 per cent on a YTD basis, while the BSE Sensex has only increased by 4.98 per cent on a YTD basis.

Stock has given staggering 68 per cent returns in less than a month of its listing. Sales has doubled in past three years.

The IT sector appears to be out of favour with its valuation falling by almost 31 per cent year-to-date (YTD). Furthermore, Nifty IT has dropped more than 23 per cent YTD, behind Nifty 50, which has gained around 0.75 per cent. So, does this seem like a good time to buy great IT companies the contrarian way? This article is an effort towards finding out the same 

Once a darling of investors but now an evil, it’s the saga of Nifty IT sector, which lost nearly 25 per cent in the last Q2 of the calendar year 2022. Moreover, on a YTD basis, it shed as much as 28 per cent.   

This fall has come after a rise of 243 per cent  in the index since the start of 2020 till the end of 2021.