Coforge, Wipro, TCS and other IT stocks fall up to 7% amid Trump tariff jitters
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Indian IT services stocks tumbled as much as 7% on Friday, extending their slide for a second straight session, as sentiment remained fragile following the U.S. administration's announcement of new reciprocal tariffs. Shares of tech majors, which earn a significant portion of their revenue in U.S. dollars, including Coforge, HCL Technologies, Tata Consultancy Services (TCS), Infosys, and Wipro slipped between 2-7%. The Nifty IT index dropped 3%, emerging as the biggest drag on benchmark indices for a second day in a row. The downturn in IT stocks began on Thursday following U.S. President Donald Trump's declaration late Wednesday of a 10% baseline tariff on all imports, with higher rates for countries with significant trade surpluses with the U.S. India was subjected to a 27% retaliatory levy, a rate lower than those imposed on China (34%), Vietnam (46%), and Bangladesh (37%). India’s IT sector has been reeling under pressure rece...