The value of Nifty IT drops 21% from its peak and enters a bear market, wiping off Rs 8.4 lakh crore.

Following the steep decline in the previous session, the Nifty IT index, the benchmark for information and technology equities, has entered bear market territory. The index has dropped more than 21% from its peak, with about 3% of the losses recorded in yesterday's trading. Approximately Rs 8.4 lakh crore in wealth has been lost as a result of the decline in the Nifty IT index.

In addition, as bulls scramble to sell their positions, nine of the ten components of the Nifty IT index have also moved into bear market territory. Blue-chip companies Infosys and TCS have recorded losses of 24 percent, while LTIMindtree's stock price has plummeted 34 percent.

Wipro continues to be the only outlier among all the components for the bear market decline. Since the IT services company has dropped about 17% from its peak, the current decline is a correction rather than a bear market.

The value of TCS's shares has dropped by Rs 3.8 lakh crore, and the market capitalization of Infosys has decreased by Rs 1.7 lakh crore.