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IT stocks slump as Credit Suisse warns of further growth pain

The US economy is widely expected to tip into a recession in the second half of 2023 owing to the US Federal Reserve's aggressive tightening of monetary policy

Mumbai / December 09, 2022 / 10:26 AM IST
 
 
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Shares of information technology (IT) companies came under selling pressure today after Credit Suisse Securities India warned of further correction in valuations.

The brokerage firm said that the current valuations of major Indian IT companies was unsustainable in the light of worsening economic outlook for their biggest market, the US.

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The US economy is widely expected to tip into a recession in the second half of 2023 owing to the US Federal Reserve's aggressive tightening of the monetary policy to reign in multi-decade high inflation in the country.