Sea of red… IT index crashes another 3%! Time to buy the dip?

New Delhi: After a short-lived recovery, pain was back in IT stocks on Wednesday as Nifty IT index plunged over 3.4 per cent. IT counters saw heavy broad-based selling amid global equity selloff triggered by higher-than-expected US inflation numbers.

Further, brokerage firm Goldman Sachs downgraded Infosys NSE -2.28 %, TCS and Tech Mahindra NSE -2.28 % to sell from buy citing slowdown in dollar revenue growth.