Rising bankruptcies among global retailers to hurt Indian IT firms

Topics Coronavirus | Bankruptcy | Lockdown

Indian information technology (IT) services companies are likely to face more pain. Crippled by the Covid-19 pandemic, US and global retail chains are increasingly filing for voluntary bankruptcies. Retail is the largest vertical for the Indian IT services companies after banking, financial services and insurance. In 2019-20 (FY20), the top five Indian IT services companies derived around 14 per cent of their overall revenue from this vertical. “The Covid-19 pandemic has brought in unprecedented issues for the retail industry, which will trigger significant tech spend cut,” s.....

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