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IT stocks decline as surging rupee impact on software revenue
IT stocks, led by Infosys Technologies, dropped across the board on selling by funds fearing that a record rise in rupee against dollar might impact software exporters earning.
Updated : Sep 14, 2017, 04:34 PM IST
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MUMBAI: Information technology stocks, led by Infosys Technologies, dropped across the board on Thursday on selling by funds fearing that a record rise in rupee against dollar might impact software exporters earning.
As the key index snapped its long four-day rising streak on the Bombay Stock Exchange by losing 18.35 points at14,861.89, the BSE IT index lost 49.65 points at 4791.99 with most of the heavy-weight segment stocks closed with heavy losses.
Market players felt the rupee rising to nine-year highrecord level against the US dollar raised concerns of a dent in software exporting companies' revenue.
Country's over 50 per cent software export revenue generates from the US market.
IT major and index heaviest Information Technologies plunged by Rs.16.50 at Rs.1,916.55, Patni computer by Rs.16.70 at Rs.493.40, TCS by Rs.7.50 at Rs.1109.75, Satyam computer by Rs.7.00 at Rs.464.15, Wipro by Rs.4.75 at Rs 504.20, HCL Technologies by Rs.2.85 at Rs.329.85, I-flex by Rs.37.45 at Rs.2522.10 and Finance tech by Rs.35.10 at Rs 2879.80 and Mphasis by Rs.9.45 at 312.20.
