Tech companies from India lost more than double the amount the overall market lost in the last month. No surprise this happened, as Financial Services contributed ~19% of the technology spending in 2007. Surprisingly, these tech companies lost more than what the financial companies lost.
Of the 1.3 billion that companies spent on information technology in 2007, about $1 of every $5 came from the financial sector. The break-up goes like this:
- Government: 13%
- Financial Services: 19%
- Manufacturing: 12%
Source: Fortune Oct 13, 2008
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