₹11 lakh crore. That is the amount of market value erased from India’s five largest IT services companies, including TCS, Infosys, Wipro, HCLTech, and Tech Mahindra—since the beginning of 2025. To put that into perspective, the wealth wiped out is roughly equivalent to the entire market capitalisation of Bharti Airtel, one of India’s largest listed companies. It is as though one of the country’s biggest telecom operators simply vanished from the stock market.