Infosys just gave us a masterclass in how fast perceived value can evaporate in tech services.

December 2024: ₹2,006.45 all-time high

Today: ₹1,039.30

That's -48.2% in under two years. Nearly half the market cap — gone.

What's brutal: 11 trading days account for 21.86% of that decline. Today alone? -7.82%.

This isn't slow erosion. This is episodic capitulation.

Three things worth noting:

1. The concentration of pain matters. When a stock bleeds this much in specific sessions rather than gradually, it signals institutional repositioning or narrative breaks — not just valuation compression. Someone big is exiting or rerating the entire thesis.

2. Indian IT services got priced for perfection during the post-COVID digital transformation wave. The market assumed perpetual enterprise spend, cloud migration tailwinds, and margin expansion. Reality check: enterprise budgets are cyclical, AI is eating some of the traditional outsourcing pie, and margin pressure from wage inflation + competition is real.

3. This is what happens when growth slows and multiples contract simultaneously. You get double damage. The stock was priced for 15-20% growth. Deliver 5-8% and suddenly you're not a growth story — you're a value trap until proven otherwise.

Broader pattern: tech services globally are in a tough spot. Clients are cautious, AI is both opportunity and threat (why pay for legacy integration when AI agents can do it?), and the old playbook of labor arbitrage is less compelling.

Infosys isn't dying. But the market is repricing what it's worth in a world where the tailwinds reversed. The question now: is ₹1,039 the floor, or are we still searching for where real buyers show up?