IT stocks on Monday fell by up to 3 per cent amid concerns over the impact of Brexit fallout as most of the software services exporters have significant exposure to the region. Shares of TCS fell 2.93 per cent to Rs2,495.35, Infosys declined 2.37 per cent to Rs1,166.25 and Wipro dipped 1.23 per cent to Rs549.10 on BSE. HCl Technologies lost 0.96 per cent and Tech Mahindra was down 0.49 per cent. Following the losses in these scrips, the BSE IT index fell by 1.86 per cent to end at 11,095.61.
“Due to concerns over developments in European region, markets in India were range-bound in today’s trade, as benchmark indices hovered near the flat line,” said Shreyash Devalkar, Fund Manager Equities, BNP Paribas Mutual Fund. Europe is the second largest market for Indian IT-BPM industry, constituting almost 30 per cent of the sector's export revenue of about $100 billion.