The decline in share prices of domestic software companies amid continuous negative news flows from the US had an impact on September average assets under management of Indian technology-sector dedicated funds.
Average assets of seven tech funds stood at Rs 486 crore, down 11.48 per cent from August.
IT shares have been hit on concerns demand from banking, financial services and insurance sectors is likely to be hit.
Indian tech companies derive a substantial chunk of their revenues from exports, and the financial crisis in world’s largest market impacted software shares here.
In September, CNX IT Index shed 20.88 per cent, while BSE Teck Index declined 21.97 per cent.
Among tech-sector dedicated funds, the worst hit was UTI Software Fund, which witnessed nearly 37 per cent asset erosion.
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