The big three Indian IT exporters fell over 2-4 per cent on the Bombay Stock Exchange on fears that a possible double dip recession in the US and spread of sovereign debt crisis to Spain and Italy in Eurozone, may impact their revenue growth.
Shares of TCS, Infosys and Wipro that rely on the US and the European market for about 60 per cent of their revenue, tumbled a day after the US's Dow Jones Index fell 513 points over weakness in the US economy and Euro stocks slumped on fears of an imminent financial rescue of Italy and Spain due to their gigantic public debts.
Largest IT exporter TCS fell 3.66
per cent to Rs. 1,056.70 a share, while second most weighted scrip on Sensex Infosys - plummeted 4.35 per cent to Rs. 2,590.55 a share.
India's third-largest IT company Wipro settled 2.15 per cent down at Rs. 368 a piece.
The above three IT stocks were among the biggest losers on the BSE's 30-share index Sensex, which closed 387.31 points down at 17,305.87 level, mirroring sharp fall in the US and negative sentiment in European and Asian markets.
Intraday, the BSE key market index plunged 702 points or about 4 per cent to 16,990.91 points.
Among other IT stocks, HCL Tech, Mphasis, Patni Computer and Tech Mahindra also settled lower by 2-5 per cent.