IT stocks slide up to 3% as market rout deepens on trade war jitters
[hfe_template id='11223']
[ad_1]
Indian IT stocks tumbled on Tuesday, leading broader market losses, as fears of a trade war escalated after U.S. President Donald Trump reiterated that his proposed tariffs on Canada and Mexico would go into effect as planned. The Nifty IT index fell as much as 2%, with major players Infosys, Tech Mahindra, L&T Technology Services, and HCL Technologies sliding more than 2%. Shares of Persistent Systems dropped as much as 3%, while LTI Mindtree fell 3.3%. TCS declined nearly 1%, and Wipro lost 2.6%, as investors braced for the potential fallout of higher tariffs on global trade and economic growth. "Uncertainty unleashed by Trump is aggravating global trade," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "If Trump’s tariff policy continues like this and soon starts impacting other countries, it will be bad for global trade and the global economy. India will not be spared." Trump...