Investors worry that India has passed ‘peak outsourcing’

Investors are worried that the juggernaut of Indian industry that is IT outsourcing is slowing down.

Shares in Tata Consultancy Services, the back-office group that is the country’s second-biggest company by market capitalisation, have fallen 14 per cent since the start of the year, compared with 6 per cent for the benchmark Nifty 50.

Rival Infosys had tumbled 20 per cent year to date before reporting strong results in July.

But N…