New Delhi, April 12 -- After Tata Consultancy Services Ltd kicked off the earnings season with its slowest full-year revenue growth in four years, the big question now is whether the rest of the pack will echo the same story.

India's IT services companies were beginning to see improving demand for tech services in the US, their biggest market. But if the trade war unleashed by US President Donald Trump pushes his country into a recession, IT clients could tighten their discretionary spending budgets again, according to experts.

The jitters are already reflecting in the markets. Foreign investors offloaded $973 million worth of Indian IT stocks in March, the biggest sell-off the sector has seen since April 2024. The Nifty IT index has dr...