IT stocks: Down up to 50% from peak, are Street’s poster boys cheap enough?

Infosys stock, which is down over 35% from its all-time high level, is available at 21.71x PE vs its 5-year average PE of 25.59x. Similarly, IT bellwether TCS is down over 22% from peak and is not finding enough takers at 27x PE, below the 5-year average of 29x.