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IT Stocks Fall On Weak US GDP Growth
Shares in IT stocks slumped further, a day after the US reported a lower than expected GDP numbers for the first quarter of 2015.
Indian IT companies derive bulk of their revenues from the US markets and worries over growth in the country has an immediate affect on share prices.
Shares in TCS were down 1.71 per cent, while Infosys was down one per cent, HCL Tech was down 2.2 per cent and Hexaware was down a huge 7 per cent.
GDP data in the US came in weaker at 0.2 per cent, as against expectations of one per cent.
Already results posted by IT companies has been hit, largely on account of cross currency headwinds. Lower than expected growth in the US could also hit revenues and profitability.
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