IT shares under pressure as rupee hits 2-month high; Nifty IT index dips 3%

Shares of information technology (IT) companies were under pressure on Wednesday, with Nifty IT index falling 3%, as the rupee hit a two-month high against US dollar a day earlier. Tata Consultancy Services (TCS), Infosys, HCL Technologies, NIIT Technologies, Wipro, Tata Elxsi, Tech Mahindra and Mindtree from Nifty IT index were down in the range of 2% to 3% on the NSE.

Among the non-index stocks, Larsen & Toubro Infotech, Sonata Software, KPIT Technologies, Zensar Technologies, Hexaware Technologies, L&T Technology Services, Persistent Systems and Mphasis slipped between 2% to 5%.

At 09:56 am; Nifty IT index, the largest