Stocks
Kyndryl Stocks Plummet Amid Sector-Wide Selloff in IT Services
Kyndryl Holdings Inc. saw its stock price drop by 5.3% on Friday to $12.26 in a sector-wide selloff that affected all IT services stocks.
The decline wiped out approximately $144 million from Kyndryl's market capitalization, which now stands at $2.7 billion.
The move was not specific to Kyndryl but rather a coordinated retreat by investors fleeing the sector as a whole.
A broad rotation is underway in the IT services landscape, with all major peers down in tandem, including IBM, Cognizant, EPAM, and DXC Technology.