'Brexit' jitters drag shares of Tata Motors, Bharat Forge

Shares of companies with exposure to the UK witnessed selling pressure, falling by up to 2.5 per cent, ahead of the crucial 'Brexit' referendum.
Tata Motors scrip fell 2.58 per cent to Rs 472.50, Bharat Forge went down 2.39 per cent to Rs 737.75, Hindalco dipped 1.01 per cent to Rs 122 and Tata Steel (0.55 per cent to Rs 332) on BSE.
Tata Motors was the worst performer among the 30-Sensex bluechips. Shares of Tata Motors declined on worries that its luxury unit Jaguar Land Rover's sales may get hit if Britain votes to leave the European Union.
Shares of Tech Mahindra lost 0.94 per cent and Infosys fell by 0.61 per cent.

According to reports, Indian IT companies get anywhere from 6-18 per cent of their revenues from the UK. The UK has traditionally been the gateway for Indian IT firms to enter Europe and they have set up a large presence in the UK to serve the EU markets from their headquarters in London.
Ahead of the referendum, stocks and rupee saw sharp fall in the afternoon trade today and Sensex ended 47.13 points lower.
The United Kingdom will vote tomorrow on whether to remain in or leave the 28-nation European Union. Britain's exit from the bloc, widely described as 'Brexit', is being debated globally as such a development could have far reaching implications for the international financial markets, exchange rates and the world economy as a whole.

There are also fears that exit of Britain from the EU could trigger significant capital outflows, including that from the Indian market.