IT stocks fall up to 3% on strengthening rupee

Shares of IT companies fell by up to 3 per cent Tuesday on a stronger rupee.

The scrip of Wipro dropped 2.59 per cent, Infosys declined 1.64 per cent and TCS 1.28 per cent on BSE.

Also, Tech Mahindra shares fell by 2.90 per cent, HCL Technologies 2.58 per cent and Hexaware Technologies 1.31 per cent.

Led by losses in these stocks, the BSE IT index fell 1.74 per cent to end at 13,862.09.

The rupee continued its rising spree for the sixth straight day, and strengthened by another 20 paise to trade at nearly three-month high of 71.47 against the dollar in late afternoon trade.

Weak rupee is largely seen as positive for export-focussed sectors such as the Indian IT space.