IT Stocks Tank Up To 8 Percent On Rising Rupee
BANGALORE: IT stocks fell up to eight percent as the rupee jumped by another 32 paise to trade at a fresh 11-month high of 58.47 against the U.S. dollar in early trade.
Shares of TCS , the country's most valued firm, fell six percent to 
2,026 on the BSE. On similar lines, Infosys lost 5.43 percent, Wipro plunged 5.46 percent and HCL Technologies tanked 7.73 percent.
Extending its rising streak for the fourth straight session, the rupee today jumped 32 paise to trade at a fresh 11-month high of 58.47 against the U.S. dollar in early trade on sustained foreign capital inflows after the BJP-led NDA swept the Lok Sabha elections.
Market experts expect that export driven stocks may remain flat as the rupee strengthens. Big IT companies earn a major chunk of their revenue in dollars from their U.S. clients and benefit from a weaker rupee as it positively impacts their profit margins.
