IT stocks fall on Brexit concerns, TCS down 3%

IT stocks today 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 Rs 2,495.35, Infosys declined 2.37 per cent to Rs 1,166.25 and Wipro dipped 1.23 per cent to Rs 549.10 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 USD 100 billion.
According to reports, Indian IT companies earn anywhere between 6-18 per cent of their revenues from the UK, which has traditionally been the gateway for them to Europe.
Meanwhile, in an extremely volatile trading session the BSE benchmark Sensex ended flat at 26,402.96 up 5.25 points.