Technical indicators also show the falls may be overdone. The 14-day relative strength index for the NSE Nifty IT sub-index dipped below 30 on Wednesday for the first time since April 2013.
The sub-index is also trading below its 20-, 50-, and 100-day moving averages as well as at the lower of its Bollinger band.
IT outsourcers have largely missed out on the record with the NSE IT sub-index down 11.4 percent so far in March compared with a 3.94 percent gain in the NSE.
Profit-taking after a strong rally last year, worries about a recovering rupee and caution about revenue in the current quarter have pressured IT shares.