Currency concerns drag down IT stocks

Shares of Infosys Technologies, dropped 1.49 per cent to Rs 2,178.35 even after the firm reported a 7.5 per cent rise in quarterly profit at Rs 1,540 crore, beating street estimates. Further, India’s largest IT exporter TCS fell 1.98 per cent to end at Rs 561.70 on the BSE. Wipro declined by 2.17 per cent to Rs 552.85 and HCL Technologies closed at Rs 296.25, down 0.87 per cent over the previous close. Analysts believe after the initial euphoria following better-than-expected quarterly figures of Infosys, investors turned cautious over rupee’s movement.