Stocks of IT firms fall up to 3.5 per cent amid rupee appreciating against dollar

Stocks of IT firms were the worst hit on Wednesday, falling up to 3.5 per cent amid the rupee appreciating against the dollar in the past few days.

Shares of TCS declined 3.51 per cent, Infosys 3.14 per cent and Wipro 2.38 per cent on the BSE.

Among others, HCL Technologies dropped 2.63 per cent, Tech Mahindra 2.59 per cent and Hexaware Technologies 1.43 per cent.

Led by losses in these stocks, the BSE Information Technology index ended 2.92 per cent lower at 13,457.03.

Money and forex markets are closed Wednesday for 'Eid-e-Milad'.

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

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