Infosys shares dropped to a day’s low of ₹1,026.50 on Wednesday, marking its sixth straight session in the red as the wider IT sector slid.

Over these six sessions, the stock has shed close to 11% and wiped out more than ₹40,000 crore in market value. It wasn’t alone in the fall either.

TCS, HCLTech, Coforge, Tech Mahindra and Wipro all dropped between 3% and 6%, pulling the Nifty IT index down over 6% for the week. The root cause sits across the Pacific.

The Dow Jones closed 628 points lower overnight after August’s US jobs report came in far stronger than expected, with the economy adding 162,000 jobs against forecasts of roughly a third of that number.

Strong jobs data usually means the US Federal Reserve has less reason to ease up soon, and that’s exactly what spooked markets.

The odds of a rate hike, based on CME FedWatch data, climbed to 58% from 47% just a month back.

IT stocks tend to feel this kind of news more than most, since a big share of their revenue comes from American clients, and tighter monetary policy there often slows down tech spending and deal closures.

The sector-wide damage showed up clearly on the indices too. The BSE IT index sank 961 points, or 3%, hitting a day’s low of 27,762.

The Nifty IT index wasn’t far behind, down more than 1,100 points and over 3% on the session.

Zooming out, Infosys has now fallen 13% over the past month and nearly 37% since January, one of its weaker runs in recent memory.

Infosys ended Wednesday’s session at ₹1,035.00 on the NSE, down 4.34% on the day.

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