For years, mid-tier IT stocks looked unstoppable. Coforge, Persistent Systems, Firstsource, Sonata — each rewrote their fortunes by poaching tier-I veterans as CEOs, who infused fresh strategy, investments and pandemic-powered growth. But the sheen is starting to fade. Investors once brushed aside concerns of scale, concentration, and overdependence on select clients. Sonata Software’s current predicament is a reminder those risks never really





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