On February 19, IT stocks like TCS and Infosys fell up to 3% due to uncertainty over US President Donald Trump’s proposed tariffs. The Nifty IT index dropped by nearly 600 points or 1.38% to 40,890.10. Export-focused IT companies, including LTI Mindtree, TCS, and Infosys, were among the top losers.
Trump announced reciprocal tariffs on February 13 to reduce the US trade deficit. This move is expected to make investors wary of export-oriented stocks, including IT and pharma. Indian IT firms earn a significant share of their revenue from the US, making them vulnerable to such tariffs.
LTI Mindtree shares fell by 3.46% to Rs 5,472 per share. TCS shares declined by 2.63% to Rs 3,771 per share, nearing their 52-week low. Infosys shares dropped by nearly 2% to Rs 1,816 per share, down over 9% from their 52-week high.
While export-oriented IT stocks tumbled, those less dependent on BFSI, like Persistent Systems, Mphasis, and Coforge, recorded gains. Wipro shares also traded in the green at Rs 313 per share.
