IT stocks tank up to 10 pc on US reciprocal tariffs; Persistent, Coforge major losers
Source: Live Mint
New Delhi, Shares of information technology companies tanked up to 10 per cent on Thursday after US President Donald Trump announced reciprocal tariffs on about 60 countries globally, including India.
The move is expected to impact India’s exports to the US. However, the Trump administration has not said anything specific to the IT sector.
The stock of Persistent Systems tumbled 9.92 per cent to close at ₹4,788.20 apiece, Coforge by 7.77 per cent to settle at ₹7,157.25, KPIT Technologies by 7.66 per cent to ₹1,212, Tata Consultancy Services by 3.98 per cent to ₹3,403.90, and Tech Mahindra by 3.79 per cent to ₹1,369.65 on the BSE.
In addition, HCL Technologies’ shares declined 3.71 per cent to conclude at ₹1,470.80 per piece, Mphasis by 4.05 per cent to settle at ₹2,374.30, Infosys by 3.41 per cent to close at ₹1,497, and Wipro by 2.75 per cent to finish at ₹256.40.
On the other hand, Cyient fell 2.67 per cent to ₹1217.25, and Mastek 0.44 per cent to ₹2,176.80 on the exchange.
From the 30-share Sensex firms, TCS, Tech Mahindra, HCL Technologies and Infosys were the major laggards.
The BSE IT index plunged 1,348.57 points, or 3.78 per cent, to close at 34,293.59.
The 30-share BSE benchmark declined 322.08 points, or 0.42 per cent, to close at 76,295.36.
On Wednesday, US President Donald Trump, to counter higher duties imposed on American products globally, announced reciprocal tariffs on about 60 countries, including India.
He announced 27 per cent reciprocal tariffs on India, saying New Delhi imposes high import duties on American goods.
According to the market experts, IT service providers worry that the trade war initiated by the US administration will probably hurt Indian companies’ appetite for their services.
This article was generated from an automated news agency feed without modifications to text.
