India’s IT sector is in the midst of a sharp selloff, with foreign institutional investors (FIIs) offloading marquee names like TCS and Infosys. The Nifty IT index has plunged 26% from its peak. TCS, Infosys, HCL Tech, and even midcap players like Persistent and Mphasis witnessed FII exits in the March quarter, raising pressing questions: is this peak pessimism or the beginning of a deeper correction?