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IT stocks fall on stronger rupee

Press Trust of India  |  New Delhi 

Shares of IT companies fell by up to 4 per cent Wednesday due to stronger rupee.

Rupee rose by 50 paise to 72.17 against the US dollar intra-day.

The scrip of TCS declined 2.85 per cent, Infosys 1.84 per cent and Wipro 0.41 per cent on the BSE.

Among others, shares of Tech Mahindra dipped 3.86 per cent and HCL Technologies 3.53 per cent.

The BSE IT index dropped 2.24 per cent to settle at 13,986.21.

"IT witnessed selling pressure due to stronger rupee," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Weak rupee is largely seen as positive for export-focused sectors such as the Indian IT space.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 14 2018. 17:41 IST